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ITAT dismissed the Revenue's appeal and upheld the assessee's entitlement to exemption under s. 2(14)(iii) in relation to the sale of agricultural land. The Tribunal found the land was agricultural and outside the municipal area at the time of sale, and any subsequent conversion to non-agricultural use by the purchaser cannot defeat the assessee's claim. Reliance on the Land Revenue Code provision s. 63(AA) did not alter this outcome. Consequentially, the assessee is not liable for long-term capital gains on the transaction, and the assessment disallowing the exemption was annulled.
ITAT dismissed the Revenue's appeal and upheld the assessee's entitlement to exemption under s. 2(14)(iii) in relation to the sale of agricultural land. The Tribunal found the land was agricultural and outside the municipal area at the time of sale, and any subsequent conversion to non-agricultural use by the purchaser cannot defeat the assessee's claim. Reliance on the Land Revenue Code provision s. 63(AA) did not alter this outcome. Consequentially, the assessee is not liable for long-term capital gains on the transaction, and the assessment disallowing the exemption was annulled.
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