Agricultural land which is gifted cannot be taxed as income from other sources

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 rights, the same...