Capital gain on transfer of land notified for establishing industrial park was liable to tax as it was non-agricultural land

Shraddha Bagla Vs ITO (ITAT Mumbai) Conclusion: Assessee was not entitled to claim exemption from capital gains on transfer of rural agricultural land as State Government had notified the said land for establishing industrial park and consequently, the land had become non-agricultural urban land. Held: Assessee had sold various pieces and parcels of land situated at Village to M/s P Pvt. Ltd. for a consideration and claimed profit arising on the transaction as exempt on the ground that the land under consideration was a rural agricultural land covered by the exceptions carved out in Sec.2(14)(...