Consideration from Sale of Agricultural Land not Taxable as ‘capital Gains’: ITAT deletes Addition [Read Order]

Consideration from Sale of Agricultural Land - Consideration - Sale of Agricultural Land - ITAT deletes Addition - capital Gains - Agricultural Land not Taxable - Income Tax - ITAT - taxscan

The Chennai bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition made by the assessing officer and held that consideration received towards sale of agricultural land should not be taxable under the head of capital gain. Assessee George Gee Varghese filed return of income for the assessment year 2015-16. The case was selected for…

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