Case Law Details
Case Name : The ACIT Vs M/s Mansi Finance Chennai Ltd (ITAT Chennai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Chennai
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Brief of the case:
ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain. Moreover as the land purchased by the assessee was an agricultural land in the revenue records which was further leased by the assessee to an another person for agricultural purposes. The assessee had also shown its i
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