2023 (5) TMI 555 - SCH - Income Tax

Capital gain - Nature of land sold - capital asset or agricultural land - whether lands sold by the assessee are non-agricultural lands and fall within the definition of capital assets u/s 2(14)(iii) and therefore attract tax on the Capital gains? - HADA is not a body within the meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and as affirmed the sale of said land did not form part of capital gain - HELD THAT - No good ground to interfere with the impugned judgment and order passed by the High Court. Accordingly, the Special Leave Petition is dismissed.

Summary

Title: Supreme Court dismisses Special Leave Petition

Court: Supreme Court of India

Judges: Hon'ble Mr. Justice Krishna Murari and Hon'ble Mr. Justice Ahsanuddin Amanullah

Petitioner's Counsel: Mr. N Venkataraman, A.S.G., Mr. Ishaan Sharma, Mr. Annirudh Sharma Ii, Mr. Rupesh Kumar, Mr. Rajan Kumar Choursia, Mr. Ashok Panigrahi, Mr. Dharma Datta Verma, and Mr. Raj Bahadur Yadav

Decision: Delay condoned. Special Leave Petition dismissed. No good ground to interfere with the High Court's judgment. Pending application(s) disposed of.