Case Law Details
Case Name : Cherukuri Ramesh Vs ACIT (ITAT Visakhapatnam)
Related Assessment Year :
Courts :
All ITAT ITAT Visakhapatnam
RELEVANT PARAGRAPH
4.4 Learned Counsel appearing on behalf of the assessee submitted that the decision in the case of M. Krishna Rao (supra) is distinguishable on facts inasmuch as in the said case agricultural land was initially purchased in 1964 and 1967 and immediately thereafter it was converted into housing plots in 1968 after obtaining due permission. Under the circumstances, the intention of the purchase of the land was essentially with a view to carry on real-estate business. However, in the instant case, the assessee purchased the land in 1997, whereas it was sold only in the financia...
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Good article, very usefull