Exemption u/s 10 unavailable as land doesn’t qualify as agricultural land

Manish Ambalal Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that exemption under section 10 of the Income Tax Act not available as the said land was non-agricultural land as it failed to fulfil twin conditions for qualifying as agricultural land. Facts- The assessee had claimed exemption of Rs.28,49,662/- u/s. 10 of the Act taking the plea that he had sold agricultural land and sale proceeds of the agriculture land were exempt under section 10 of the Act. AO however conducted detailed inquiry and found that the assessee along with two other persons viz. Shri Ajay Shah and Sh. Ambalal B. P...