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Income Tax - Highlights / Catch Notes

Home Highlights October 2014 Year 2014 This

At the relevant point of sale of the land in question, the ...


Land Sale Classification: Future Potential Doesn't Change Agricultural Status at Sale Time.

October 14, 2014

Case Laws     Income Tax     AT

At the relevant point of sale of the land in question, the surrounding area was totally undeveloped and except mere future possibility to put the land into use for non-agricultural purposes would not change the character of the agricultural land into non- agricultural land at the relevant point of time when the land was sold by Assessee - AT

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