Land Beyond Municipal Limits Is Not a Capital Asset: Revenue’s Appeal Dismissed

ACIT Vs Krupesh Jayantilal Patel (ITAT Ahmedabad)

The Ahmedabad “D” Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal for AY 2013-14, holding that the land sold by the assessee was agricultural land and did not qualify as a “capital asset” under section 2(14) of the Income-tax Act.

The Tribunal noted that the issue stood Please become a Premium member. If you are already a Premium member, login here to access the full content.