Sale of agricultural land after conversion into non-agricultural land is taxable

Naresh Kantilal Thacker Vs ITO (ITAT Rajkot)

ITAT Rajkot held that conversion of agricultural land into non-agricultural land and sale thereof, such sale consideration is received from sale of non-agricultural land and hence the same is taxable under income tax.

Facts-

The assessee purchased a piece of land at Ajapar Village on 06.02.2014 for a consideration of Rs. 1,53,00,000/-. Within six days thereafter i.e. on 12.02.2014, the assesse

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