Agricultural land held outside the definition of a capital asset, favouring the assessee.

Land sold was treated as agricultural land, and therefore it did not fall within the definition of a capital asset. The differing views among the Members were resolved in favour of the view that the land was agricultural in nature, so the issue was decided in favour of the assessee.

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Issues: Whether the land sold was an agricultural land and, therefore, not a capital asset.

Analysis: The differing views among the Members were resolved in favour of the view that the land was agricultural in nature. On that basis, the land sold did not fall within the definition of a capital asset.

Conclusion: The issue was decided in favour of the assessee.

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