Transfer of agricultural land used for agricultural operations not liable to tax

Swamiappan Vs DCIT (ITAT Bangalore) ITAT Bangalore held that transfer of land specified as agricultural land in revenue records and which is used for agricultural operations, cannot be considered as transfer of capital asset. Hence not taxable under Capital Gains. Facts- The assessee along with his three family members had jointly owned the lands situated at Uddanapally Village, Tamil Nadu and the said lands were sold to M/s. AVS Tech Building Solutions India Pvt Ltd by a registered sale deed dated 25-04-2018 for an apparent sale consideration of Rs. 66,42,000/-. In the course of the search, t...