Capital gain on sale of land - Nature of land - it is undisputed...

Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior to its sales. Thus , we note that assessee is an agriculturist and has been carrying out agricultural operation on the land for many years. In the Revenue records the said land is an agricultural land. - based on the factual position, we are of the view that assessee has sold an agricultural land which is not a capital asset - AT