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of <h1>Sale of land not used for agriculture cannot be treated as capital asset under relevant tax laws</h1> <h3>PRASHANT JAIPAL REDDY Versus INCOME TAX OFFICER WARD 9 (1) (3) & ANR.</h3> The SC upheld the HC's decision that the land sold was not used for agricultural purposes by the assessee and thus the surplus arising from its sale could ... Nature of land sold - taxing surplus arising on sale of agricultural land by accepting the same as Capital Assets - As decided by HC [2025 (2) TMI 658 - BOMBAY HIGH COURT] three authorities have concluded the property in question was not used for any agricultural purpose by the assessee. None of the three authorities has violated any legal principles regarding evaluating such material. HELD THAT:- We are not inclined to interfere with the impugned judgment/order of the High Court. Accordingly, the Special Leave Petition is dismissed The Supreme Court, through Hon'ble Justices Vikram Nath and Sandeep Mehta, declined to interfere with the impugned judgment/order of the High Court. The Court stated, 'We are not inclined to interfere with the impugned judgment/order of the High Court,' and accordingly dismissed the Special Leave Petition. All pending applications were also disposed of.
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