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Capital gain on sale of land covered u/s 50C of Income Tax Act is to be assessed separately
Case Law Details
- Case Name
- DCIT Vs Hanuman Tubewell Co (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Jaipur
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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 liable for capital gain under section 45 of the Income Tax Act.
Conclusion- CIT(A) held that In the assessment order, the AO ...
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