Buyer’s intention irrelevant – ITAT upholds Agricultural nature of land

Sudarsanam Vs ITO (ITAT Chennai) Buyer’s intention irrelevant – ITAT upholds Agricultural nature of land; Fabrication doubt can’t override revenue records: Relief to Land Seller The issue before the Chennai ITAT was whether the profit from sale of agricultural land amounting to ₹2.92 crore is taxable as long-term capital gain or not a capital asset. Assessee  filed his return of income   by declaring a total income of Rs.6,19,440/- & an agriculture income of Rs.2,92,92,930/- towards profit on sale of agricultural land.  During scrutiny,  Assessee  submitted that the lands s...