2020 (11) TMI 177

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..... om being taxed under the head capital gain, the Assessing Officer held that it is to be treated as income from business or profession. Tribunal while deciding the issue in appeal has taken note of the factual matrix as well as the submissions made and has concluded that the nature of land sold being agricultural land, the income derived from the sale of such land cannot be treated as income fro .....

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..... hri Rakesh Mohan For the Revenue : Shri V. Vinok Kumar ORDER PER SAKTIJIT DEY, J.M. By filing the present application, purportedly under section 254(2) of the Income Tax Act, 1961 (for short the Act ), the Revenue seeks recall/rectification of order dated 2nd January 2019, passed in ITA no.2246/ Mum./2017. 2. The learned Departmental Representative drawing our attention .....

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..... agricultural land is exempt from being taxed under the head capital gain, the Assessing Officer held that it is to be treated as income from business or profession. The Tribunal while deciding the issue in appeal has taken note of the factual matrix as well as the submissions made and has concluded that the nature of land sold being agricultural land, the income derived from the sale of such land .....

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