No capital gain on sale of agricultural land after conversion in NA Land if used for Agriculture even after conversion

Shri Kamanahalli Pilla Reddy Nagesh Vs ITO (ITAT Bangalore) Conclusion: Even though the agricultural land was converted for non-agricultural purposes, but cultivation of land continued till the date of sale of the land. Thus, the land should have been treated as agricultural land and exempt from capital gain in view of section 2(14). Held:  AO made addition of Rs.2.06 crores as long term capital gain arising from sale of land. Assessee claimed that the said land was situated beyond the Municipal limits 10 kms. and therefore, it was not a capital asset as per section 2(14). However, AO held th...