Land treated as capital asset as no evidence of carrying agricultural activity

Noshir Darabshaw Talati Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that apart from the purchase and sale deeds of conveyance and 7/12 extracts from land revenue records, no other evidence has been brought on record by the assessee of having cultivated the land or carrying any agricultural activity. Accordingly, the same is treated as ‘capital asset’.

Facts- In the return of income, the assessee claimed profit of Rs. 47,58,980, arising on sale of land claimed to be agricult

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