No addition u/s 2(14)(iii) as land sold was agricultural land & didn’t qualify as ‘Capital Asset’

Hiten Tulshibhai Engineer Vs ITO (ITAT Ahmedabad) Conclusion: Land sold by assessee was agricultural Land and did not qualify as “capital asset” in terms of Section 2(14)(iii) as it was subsequent to purchase of land, its use was changed to non-agriculture purpose, therefore, the capital gain earned on the piece of land as not being liable to tax. Held: Assessee sold land during the year to a company for a certain consideration but had offered no income/ capital gains from the said transaction for taxation. Accordingly, reassessment proceedings under Section 147  were initiated, during th...