2024 (7) TMI 700

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..... e to capital gains tax - HELD THAT:- During the course of the proceedings u/s. 263 of the Act the assessee accepted that properties are in question is a capital asset under the IT Act. On such concession and finding that the impugned asset was a capital asset assessment was set aside by the Pr. CIT. Thus, as the sale consideration of impugned land is exigible to capital gains tax as per relevant p .....

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..... acts of the case are that during the year under consideration the assessee has sold an agricultural land which was an urban agricultural land and a capital asset as per relevant provisions of the Act but the same was treated as agricultural land not exgible to capital gains tax. 4. Assuming jurisdiction conferred upon by the provisions of section 263 of the Act the Pr. CIT issued notice to the ass .....

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