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Buyer’s intention irrelevant – ITAT upholds Agricultural nature of land
Case Law Details
- Case Name
- Sudarsanam Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Sudarsanam Vs ITO (ITAT Chennai)
Buyer’s intention irrelevant – ITAT upholds Agricultural nature of land; Fabrication doubt can’t override revenue records: Relief to Land Seller
The issue before the Chennai ITAT was whether the profit from sale of agricultural land amounting to ₹2.92 crore is taxable as long-term capital gain or not a capital asset.
Assessee filed his return of income by declaring a total income of Rs.6,19,440/- & an agriculture income of Rs.2,92,92,930/- towards profit on sale of agricultural land. During scrutiny, Assessee submitted that the lands s...
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