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Agricultural land which is gifted cannot be taxed as income from other sources
Case Law Details
- Case Name
- ITO Vs Komal Kumar Bader (ITAT Jaipur 'A' Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Jaipur
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RELEVANT PARAGRAPH
2. We have heard the parties. The brief facts of the case are that the assessee received 33.7 bigha of agriculture land from Smt. Navita Gupta, wife of Shri Ravi Kumar Gupta of Jaipur . The rights on this land were relinquished by Smt. Gupta without any consideration and the same was registered on 25-10-2004 witlj the Sub-Registrar who valued the land i atRs.40,80,380/ – for valuation of stamp duty. The land was not shown in the .balance sheet by the assessee and the reason given was that as the land was received as a capital asset on relinquishment of...
