Case Law Details
Case Name : ACIT Vs Vibha Taneja (ITAT Delhi)
Appeal Number : ITA No.3047/Del/2019
Date of Judgement/Order : 03/11/2023
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Delhi
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ACIT Vs Vibha Taneja (ITAT Delhi)
Background: The case involves an appeal by the revenue against the CIT(A)-15, Delhi’s order for the assessment year 2014-15. The primary issue is the addition of Rs. 12.50 crores made by the AO under Section 69A of the Income Tax Act, 1961, concerning unexplained money.
Facts:
1. The assessee declared long-term capital gains from selling a 1/3rd share in a property at Rani Jhansi Chowk, Delhi, and claimed exemption under Section 54.
2. The property was initially purchased by the assessee’s husband from M/s. Glorious Housing & Land Development Pvt. Ltd.
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I want to.know whether Agriculture Land is considered as a Capital Asset? Can ancestral land sold will charged capital gain tax and if YES how it is calculated?