https://www.taxtmi.com/caselaws?id=279429 Cultivated agricultural land supported by revenue records and accepted agricultural activity was treated as outside section 2(14)(iii), so it was not a capital asset and no capital gains arose on transfer. For fair market value as on 1.4.1981, the comparable sale relied on by the Assessing Officer was found unreliable and the assessee's valuation method was accepted in the absence of a proper comparable. The agricultural income claim was also accepted because records, electricity bills and past acceptance supported actual farming. Section 50C was held inapplicable to an unregistered transfer for assessment year 2008-09, as the provision had not yet been extended to such transactions. en-us Thu, 30 Jan 2014 00:00:00 +0530 Mon, 18 Mar 2019 06:52:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279429 Cultivated agricultural land supported by revenue records and accepted agricultural activity was treated as outside section 2(14)(iii), so it was not a capital asset and no capital gains arose on transfer. For fair market value as on 1.4.1981, the comparable sale relied on by the Assessing Officer was found unreliable and the assessee's valuation method was accepted in the absence of a proper comparable. The agricultural income claim was also accepted because records, electricity bills and past acceptance supported actual farming. Section 50C was held inapplicable to an unregistered transfer for assessment year 2008-09, as the provision had not yet been extended to such transactions. Case-Laws Income Tax Thu, 30 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279429