The Income Tax Appellate Tribunal (ITAT) Delhi in January held that agricultural lands cannot be treated as a capital asset if the company that purchases such land maintains its character as agricultural land. The Assessee Company, Kushal Infra project Industries purchased agricultural land and sold it after a short period. The Assessing Officer(AO) rejected the […]
The post Agricultural Lands not ‘Capital Asset’ If Buyer Company maintains the Land Character: ITAT Delhi [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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