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…

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