Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of ITAT upheld Revenue's classification of the agricultural land as a 'capital asset' under s.2(14)(iii)(b) given its proximity to municipal limits and absence of cogent evidence from the assessee that the distance exceeded eight kilometres, and dismissed that ground. However, ITAT held AO erred in adopting Rs.2,50,00,000 as full value of consideration for 30.35 cents, finding the registered sale deed and books of account establish the consideration at Rs.1,00,44,000; the AO's addition of Rs.1,49,56,000 is deleted and LTCG is to be recomputed on Rs.1,00,44,000. The claim to distribute proceeds as ancestral property was rejected for lack of evidence. Exemption under s.54F was allowed for specified house-construction investments and LTCG to be recomputed accordingly.
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