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Land eligible for wealth tax exemption even on conversion as non-agricultural if used for agricultural purposes
Case Law Details
- Case Name
- M.R Pattabhiram (HUF) Vs The Asst. Commissioner of Wealth tax (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Bangalore
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Brief of the Case
ITAT Bangalore held In the case of M.R Pattabhiram (HUF) vs. Asst. Commissioner of Wealth tax that mere conversion of land from agriculture to non-agriculture could not be taken as the sole criteria to hold it as a capital asset under section 2(14) of the Income tax act. Also if that land is used for agricultural purposes till the date of sale, despite the fact that it is converted to non-agricultural use , it will be treated as agricultural lands and not capital assets under section 2(14). Accordingly, it will be an agriculture land on which wealth tax exemption is available...
