2015 (5) TMI 1140 - AT - Income Tax

Capital gain chargeable to tax u/s 45 - sale of land - land sold by the assessee could be said to be Capital Asset - Held that - The Hon ble Third member has agreed with the view taken by the Hon ble Accountant Member that the land sold by the assessee was not an agricultural land. Accordingly, as per the majority view, the above said issue is decided in favour of the revenue.

Summary

The Appellate Tribunal ITAT Cochin ruled that the land sold by the assessee was not agricultural land, leading to a capital gain chargeable to tax. The appeal filed by the Revenue was allowed. (2015 (5) TMI 1140 - ITAT COCHIN)