Sale of claimed agricultural land vs 'purayidom' revenue records u/s2(14); capital gains assessment upheld, appeal dismissed Whether the land sold was 'agricultural land' excluded from 'capital asset' under s. 2(14) of the Income-tax Act was determined against the assessee ...
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Sale of claimed agricultural land vs "purayidom" revenue records u/s2(14); capital gains assessment upheld, appeal dismissed
Whether the land sold was "agricultural land" excluded from "capital asset" under s. 2(14) of the Income-tax Act was determined against the assessee because the burden to establish agricultural character lay on the assessee, who produced only a Village Officer's certificate that conflicted with revenue records describing the land as "purayidom" (dry land/house-site). In the absence of cogent evidence showing agricultural use or character, the HC's conclusion that the land was not proved to be agricultural was upheld. The SC declined interference and dismissed the appeal, sustaining capital gains assessment on the sale.
Delay was condoned. After hearing learned senior counsel for the petitioners, the Court held that it did "not find that any case is made out for interference with the impugned order passed by the High Court." Accordingly, the Special Leave Petition was dismissed. Any pending application was also disposed of.
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