https://www.taxtmi.com/caselaws?id=312865 Land converted to non-agricultural use at the owner's instance may lose its character as agricultural land for capital gains purposes, even if agricultural activity continues and the property lies beyond municipal limits. In the facts noted, revenue records and the conversion order supported the conclusion that the asset was non-agricultural and therefore taxable. The text also notes that a fresh claim for exemption under section 54F, raised for the first time before the appellate authority, ordinarily requires factual verification by the Assessing Officer and should not be entertained where Rule 46A and the limits of appellate powers are not satisfied. en-us Wed, 01 Mar 2017 00:00:00 +0530 Tue, 12 Mar 2024 14:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312865 Land converted to non-agricultural use at the owner's instance may lose its character as agricultural land for capital gains purposes, even if agricultural activity continues and the property lies beyond municipal limits. In the facts noted, revenue records and the conversion order supported the conclusion that the asset was non-agricultural and therefore taxable. The text also notes that a fresh claim for exemption under section 54F, raised for the first time before the appellate authority, ordinarily requires factual verification by the Assessing Officer and should not be entertained where Rule 46A and the limits of appellate powers are not satisfied. Case-Laws Income Tax Wed, 01 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312865