The Appellate Tribunal addressed the issue of whether land sold ...

Tribunal: Land sold keeps agricultural status for LTCG if used for farming. Check if it meets definition of agricultural land. Deductions u/s 54F/54B allowed.

Case Laws Income Tax

June 29, 2024

The Appellate Tribunal addressed the issue of whether land sold should be treated as agricultural for Long Term Capital Gains (LTCG) purposes. The Department did not challenge that agricultural activities were ongoing until the sale. The Tribunal agreed that continuous agricultural use means the land retains its agricultural status despite prior non-agricultural conversion. Citing legal precedent, the Tribunal noted the need to determine if the land meets the definition of agricultural land u/s 2(14) of the Act. The matter was remanded to the Assessing Officer for this evaluation. The Tribunal upheld the direction to allow deductions u/s 54F/54B, finding no fault with the decision. The appeal was partially allowed for statistical purposes.

View Source

← Previous Next →

The Appellate Tribunal addressed the issue of whether land sold ...

Tribunal: Land sold keeps agricultural status for LTCG if used for farming. Check if it meets definition of agricultural land. Deductions u/s 54F/54B allowed.

Case Laws Income Tax

June 29, 2024

You may also like:

Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

Nature of agricultural land sold - In the activities permitted on conversion of the land into farm house is restricted to the environmental friendly residence....

Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

LTCG on sale of agricultural land - Nature of land sold - As the question of distance of the land sold from the outer limit of the Municipal Corporation and other 13...

Nature of land sold - agricultural land - law does not prohibit in receiving the sale consideration by equity shares - The land sold by the assessee is an agricultural...

Nature of land sold - the decision to treat the transferred property as agricultural land is against law and facts, especially since the assessee has not established...

Nature of land sold after plotting - Agriculture land or not - Merely for the reason that no agricultural operations was carried out during the period and subsequent use...

Nature of land sold - capital asset u/s 2(14) or agricultural land - If the previous owner did not carry out agricultural activity on an agricultural land, however did...

MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

Nature of land - capital gain on sale of land - exemption u/s 10(37) - assessee's agricultural land was compulsorily acquired by following entire procedure prescribed...

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...

Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...

Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

Nature of land sold - Capital asset u/s 2(14) or agricultural land - If both the conditions are present then it would not be agricultural land and would be treated as...

Capital gain - nature of land sold - capital asset v/s agricultural land - whether the agricultural land sold by the assessee or his HUF is a ‘capital asset’? - land...

Quick Updates: