https://www.taxtmi.com/caselaws?id=407441 Land recorded in revenue records as agricultural, actually used for agriculture up to the date of transfer, and not converted for non-agricultural use was treated as agricultural land outside the definition of a capital asset under section 2(14). The village population remaining below the statutory threshold and supporting evidence such as standing crops and a bore well reinforced that character, so the section 50C addition could not survive. On the related claim, investment of the sale proceeds in another agricultural land, supported by agreements, confirmations and affidavits, satisfied section 54B despite the absence of a registered sale deed, and the deduction was allowed. en-us Fri, 30 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 08:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407441 Land recorded in revenue records as agricultural, actually used for agriculture up to the date of transfer, and not converted for non-agricultural use was treated as agricultural land outside the definition of a capital asset under section 2(14). The village population remaining below the statutory threshold and supporting evidence such as standing crops and a bore well reinforced that character, so the section 50C addition could not survive. On the related claim, investment of the sale proceeds in another agricultural land, supported by agreements, confirmations and affidavits, satisfied section 54B despite the absence of a registered sale deed, and the deduction was allowed. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407441