ITAT Deletes Capital Gains & Alleged On-Money Addition: Agricultural Land Outside Section 2(14), 50C Inapplicable

Jignesh Harshadbhai Patel Vs ITO (ITAT Ahmedabad) ITAT Deletes Capital Gains & Alleged On-Money Addition: Agricultural Land Outside Section 2(14), 50C Inapplicable The Ahmedabad ITAT granted major relief to the assessee by holding that agricultural land situated beyond prescribed municipal limits does not constitute a “capital asset” under Section 2(14), and therefore no capital gains tax could be levied on its transfer. The Tribunal deleted addition of ₹44.21 lakh made as long-term capital gain and also quashed separate addition of ₹22.08 lakh made under Section 69A towards allege...