Burden on Assessee to Prove Agricultural Land Capital Gains Tax Exemption: Kerala HC

M J George Vs DCIT (Kerala High Court)

Kerala High Court dismissed an appeal by M.J. George against an Income Tax Appellate Tribunal (ITAT) order concerning capital gains tax on the sale of land. The case pertained to the 2006-2007 assessment year, where the assessee declared an income of Rs. 63,420 but had a significant bank credit of Rs. 899.10 lakhs from selling 5.21 acres of land in Kakkanad. The assessee claimed tax exemption under Section 2(14)(iii) of the Income Tax Act, arguing that the land was agricultural. While the First Appellate Authority ruled in his favor based on a

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