Sale of Agricultural Land Remains Non-Taxable Despite Industrial Use by Buyer

DCIT Vs Vedprakash Devkinandan Chiripal (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has ruled that the sale of agricultural land by a property owner does not attract capital gains tax, regardless of the land’s subsequent use by the purchaser. The ruling, in the case of DCIT vs. Vedprakash Devkinandan Chiripal, dismissed an appeal from the tax department, upholding a decision by the Commissioner of Income Tax (Appeals) that the land in question was agricultural at the time of sale. The case involved an individual, Vedprakash Devkinandan Chiripal, who sold eight ...