Capital gain on sale of land covered u/s 50C of Income Tax Act is to be assessed separately

DCIT Vs Hanuman Tubewell Co (ITAT Jaipur)

ITAT Jaipur held that capital gain on sale of land as covered under the provisions of section 50C of the Income Tax Act is to be assessed separately.

Facts- Assesse has preferred the present appeal contesting that CIT(A) has erred in taxing capital gain Rs. 2,42,38,984/- from agricultural land as income from capital gain whereas agricultural land sold is not capital asset as per section 2(14)(iii)(b) of the Act and therefore not li

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