Sale of Agricultural Land after Conversion is Taxable as Capital Gain

Ramesh Raj Bohra Vs DCIT (ITAT Jodhpur) The issue under consideration is whether sale of agricultural land after conversion will tax under capital gain or under business income? ITAT states that, the land was purchased by the assessee since long back as capita asset and was continuously hold by it for 20 years in case of Fateh Royal Residency and for 4-5 years in case of Fateh Hills as capital asset. There was no intention of assessee to trade for the land so purchased, contrary it was used for agricultural purposes continuously till the year of sale. Agricultural income so earned were offered...