Exemption u/s 2(14) not deniable reasoning that land was sold to company not carrying agricultural operation

A. Ramesh Vs DCIT (ITAT Chennai) ITAT Chennai held that test applied by AO that land was sold to a company which was not carrying agricultural operations is not justifiable for denying exemption to sale of agricultural land u/s 2(14) of the Income Tax Act. Facts- The assessee along with his wife sold 11 acres of land for a sum of Rs. 1,98,00,000/- to M/s. Shree Krishna Polystrap Pvt Ltd, by virtue of a sale deed dated. The above sale consideration was paid in the form of allotment of 12,60,000 equity shares of Rs. 10 to the assessee and allotment of 7,20,000 shares of Rs. 10 to his wife, by pu...