ITAT rules no capital gain on sale of horticultural land

The ITAT Delhi-E allowed the assessee's appeal for the assessment year 1982-83, ruling that no capital gain arises from the sale of horticultural land classified as agricultural land. The addition of Rs. 3,750 by the ITO was deleted.

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The appellate tribunal ITAT Delhi-E allowed the appeal by the assessee for the assessment year 1982-83. The tribunal held that no capital gain arises on the sale of horticultural land as it falls within the definition of agricultural land. The addition of Rs. 3,750 made by the ITO was deleted.

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