Urban Agricultural Land Sales Subject to Capital Gains Tax: ITAT Delhi

Dharam Pal Saini Vs PCIT (ITAT Delhi) Introduction: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Delhi addressed a crucial matter in the case of Dharam Pal Saini vs PCIT. The appeal challenged the order of the CIT(A), Faridabad, dated 20.03.2022, framed under section 263 of the Income Tax Act. Detailed Analysis: The crux of the matter was the sale of an urban agricultural land during the relevant assessment year. The assessee treated the land as agricultural, not subject to capital gains tax. However, the ITAT Delhi, through revision proceedings under section 263, questioned ...