Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition [Read Order]

The Tribunal deleted the addition made by the assessing officer
ITAT delhi - Purchase of Agricultural Land - Capital Asset - Delhi ITAT Deletes Addition - Taxation of Land - taxscan

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming provision under Section 56(2)(x) of the Income Tax Act cannot be invoked. Mr. Ramnarayan, the assessee filed its return of income, declaring total…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader