Case Law Details
Case Name : ITO Vs Urmila Bharatbhushan Agarwal (ITAT Ahmedabad)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Ahmedabad
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ITO Vs Urmila Bharatbhushan Agarwal (ITAT Ahmedabad)
Conclusion: Where an agricultural land was sold to a non-agriculturist, the same did not loose its status as agricultural land and could not be classified as a capital assets.
Held: During the relevant year, assessee reported agricultural income after deducting agricultural expenses. The return was subjected to a complete scrutiny to verify the claim of exempt income related to capital gains/losses from the sale of lands. Assessee owned 34 bighas of agricultural land and had consistently r
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