Mere Presence of coconut trees on land not prove carrying out of agricultural operations

Keshav Sunderam Rajam Vs ITO (ITAT Chennai)

ITAT Chennai held that simply because there are coconut trees on the land it doesn’t mean that agricultural operations are carried out. Accordingly, deduction claimed under section 54B on sale of the land is disallowed.

Facts- The assessee is a Non-Resident sold a capital asset in which the assessee’ share of sale consideration was ₹.3,70,00,000/-. After adjusting the indexed cost of acquisition and improvement, brokerage a

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