Merely because Agricultural land is declared as industrial land same cannot be held to be a capital asset

ITO Vs Meera Thapa (ITAT Delhi) Assessee has sold agricultural land as it has been proved by the certificate of Tehsildar and other land records. He further held that merely because the land is declared as industrial land same cannot be held to be a capital asset and capital gain cannot be charged on sale of agricultural land. He further held that as the assessees land was very small and the income was also very negligible as it was not conducive to sell agricultural produce from the land in market after the consumption. FULL TEXT OF THE ITAT JUDGMENT 1. This is an appeal filed by the revenue ...