ITAT Hyderabad Remands Agricultural Land vs Capital Asset Issue – Directs Proper Sec 2(14) Verification

Shaik Afsar Hussain Vs ITO (ITAT Hyderabad) Agricultural Land vs Capital Asset Issue Remanded – Proper Verification of Sec. 2(14) Criteria Directed – ITAT Hyderabad ITAT set aside the addition of ₹53.97 lakh towards long-term capital gains arising from sale of land, holding that lower authorities failed to properly examine whether the land constituted a “capital asset” under sec.2(14). The assessee contended that the land was rural agricultural land situated beyond municipal limits, while Revenue argued that it fell within urban jurisdiction. Tribunal observed that neither AO...