Debate on Whether Bungalow Land Sale is Tax-Exempt Agricultural Land u/s 2(14)(a)(iii) of Income Tax Act.

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Full Text of the Document

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....Nature of land sold appurtenant to the bungalow - whether agricultural land within the meaning of Section 2(14)(a)(iii) of the Act and hence, its sale proceeds are exempt from tax’ ? - Department in the case of other two co-owners of the land has accepted their respective return of income wherein, the said co-owners have declared their respective share of income from sale of same agricultural land (as that of present assesse) as exempt. The Department cannot have two divergent views in case of two assessees who are on same footing, having common source of income germinating from same transaction. - AT....