Computation of capital gains tax on sale of agricultural land converted into non-agricultural land

Ilaben Bharatbhai Amin Vs ITO (ITAT Ahmedabad) Introduction: The case of Ilaben Bharatbhai Amin vs Income Tax Officer (ITO), recently decided by the Income Tax Appellate Tribunal (ITAT) Ahmedabad, delves into the intricacies of calculating capital gains tax arising from the sale of agricultural land that undergoes conversion into non-agricultural land before the sale. The tribunal’s decision sheds light on the determination of the cost of acquisition in such scenarios, providing valuable insights for taxpayers and legal practitioners. Background: Ilaben Bharatbhai Amin, the appellant, fi...