Capital gain not assessable on land being an agricultural land

DCIT Vs K. Dhandapani and Co. Ltd. (ITAT Chennai)

ITAT Chennai held that assessee rightly proved that the land sold is agricultural land and agricultural activity was carried out on the same. Hence, the agricultural land is not assessable to capital gains.

Facts-

The only issue in this appeal of Revenue is as regards to the order of CIT(A) deleting the addition made by A.O on account of profit on sale of land earned by the assessee at Mannur near Sriperumbudur holdi

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