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Leasehold right allotted against right of agricultural land cannot be considered as agricultural land
Case Law Details
- Case Name
- Pyaribai K Jain Vs Addl.CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Pyaribai K Jain Vs Addl. CIT (ITAT Mumbai)
Leasehold right allotted against right of agricultural land cannot be considered as agricultural land and, therefore, profit on transfer of such leasehold right was taxable under the head ‘capital gains’, however, Assessing Officer was not correct in not allowing cost of acquisition to assessee while computing long-term capital gain on transfer of leasehold rights in land. Accordingly ITAT directs AO to re-compute long-term capital gain.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal filed by the assessee is directed against the order of the CIT(A)-...
