Rural Agricultural Land acquired by Govt for Business Activity u/s 2(13) Eligible for Exemption: ITAT [Read Order]

Rural Agricultural Land - Government - Business Activity - Exemption - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has held that rural agricultural land acquired by Government for business activity u/s 2 (13) is eligible for Exemption. The assessee, Shri Jitendra Shanabhai Patel, derives income from salary, capital gain, and income from other sources. The assessee filed a return of income declaring total income at…

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