https://www.taxtmi.com/caselaws?id=236804 Land sold was held not to be agricultural land where certificates were unsupported by contemporaneous revenue records and the surrounding evidence showed non-agricultural and commercial use, including nearby development and construction activity; the land was therefore treated as a capital asset chargeable to capital gains tax. Transfer of 222.93 cents was found to have taken place in January 2006 when possession was handed over under an agreement for sale and the buyer began construction, so the gain was assessable only in assessment year 2006-07 and not 2008-09. The sale consideration for 18.98 cents and 32.19 cents was restored for fresh enquiry, while the valuation rate of Rs.100 per cent as on 1.4.1981 was sustained. en-us Fri, 24 May 2013 00:00:00 +0530 Mon, 09 Sep 2013 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236804 Land sold was held not to be agricultural land where certificates were unsupported by contemporaneous revenue records and the surrounding evidence showed non-agricultural and commercial use, including nearby development and construction activity; the land was therefore treated as a capital asset chargeable to capital gains tax. Transfer of 222.93 cents was found to have taken place in January 2006 when possession was handed over under an agreement for sale and the buyer began construction, so the gain was assessable only in assessment year 2006-07 and not 2008-09. The sale consideration for 18.98 cents and 32.19 cents was restored for fresh enquiry, while the valuation rate of Rs.100 per cent as on 1.4.1981 was sustained. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236804