Case Law Details
Case Name : M.R Pattabhiram (HUF) Vs The Asst. Commissioner of Wealth tax (ITAT Bangalore)
Related Assessment Year :
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 se
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