Case Law Details
Case Name : Mahaveer Yadav Vs ITO (ITAT Jaipur)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Jaipur
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Mahaveer Yadav Vs ITO (ITAT Jaipur)
Where assessee converted agricultural land into state stock of residential plots then the assessee was liable to pay tax as per section 45(2). The fair market value of the asset on the date of conversion as reduced by the cost of acquisition is required to be assessed under the head Capital gains in the year(s) the stock-in-trade was sold/transferred. Further, sales realization of the stock-in-trade over such fair market value was required to be assessed as Business income.
In the instant case, we find that after the death of his father, the assessee had inh...
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Was the land owner not required to obtain any prior permission from any competent authority for such conversion of agricultural land into residential ?