Capital Gains Issue Remanded to Verify Rural Agricultural Land Claim: ITAT Chennai

Advertisement Nellore Venkateswara Reddy Vs CIT (ITAT Chennai) Chennai ITAT: Rural Agricultural Land Claim Requires Proper Verification Before Taxing Capital Gains The Chennai ITAT held that a short delay of 59 days in filing an appeal should ordinarily be condoned where the assessee has furnished a reasonable explanation, particularly when the assessment itself was completed ex parte and substantial additions were made without examining the assessee’s contentions. The assessee, an agriculturist, had sold agricultural land for ₹45.44 lakh and purchased a residential property for ₹...