Subsequent use of land by purchaser not relevant to decide nature of land when it was sold

Advertisement George Gee Varghese Vs ITO (ITAT Chennai) Assessee from Tamilnadu who had originally purchased land in Kerala in 2006 for Rs. 92 lakhs sold it to M/s. Rubber Board Employees Co-operative Housing Society for Rs. 6.81 crores in FY 2014-15. Assessee claimed that land sold is an agricultural land used for agricultural operations and is out of the scope of capital asset as defined u/s. 2(14). Assessee filed revenue records as maintained by the State Govt, certificate of Village Officer and also copies of tax paid to Kerala Agricultural Workers Welfare Fund Board. Assessee filed var...