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Agricultural Land within Municipal Limits is Capital Asset for LTCG: ITAT Delhi
Case Law Details
- Case Name
- Jaipal Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Jaipal Vs ITO (ITAT Delhi)
Agricultural Land within Municipal Limits Treated as Capital Asset for LTCG Purposes: ITAT Delhi
Facts of the Case
The reassessment proceedings under sections 147/148 were initiated on account of unexplained cash deposits of ₹18,00,000 in the assessee’s bank account. During the reassessment, the Assessing Officer (AO) noticed a separate credit of ₹98,87,500 arising from the sale of land, which had not been offered to tax.
Issues for Consideration
1. Scope of Reassessment – Power to Make New Additions
The assessee contended that since no addition was ultimatel...
Author Info
