Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]

Bombay HC rules that actual agricultural operation is not necessary condition to qualify as agricultural land and directed to pass fresh assessment order
Bombay High Court - Income Tax - Assessment Order - Agricultural land assessment - taxscan

The Bombay High Court recently ruled that actual agricultural operation is not necessary condition to qualify as agricultural land and directed to pass fresh assessment order. The Assessing Officer ( AO ) rejected the contention of petitioner and held that land was a capital asset and therefore, capital gain was payable. The AO proceeded on…

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