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1 - 10 of 15 (0.23 seconds)Section 45 in The Income Tax Act, 1961 [Entire Act]
Section 50C in The Income Tax Act, 1961 [Entire Act]
Superintending Engineer vs Income Tax Officer. on 31 March, 1995
d. That the Hon'ble ITAT AHMEDABAD BENCH 'D' incase of HitenTulshibhai Engineer
v. Income-tax Officer* [2023] 157 taxmann.com 81 (Ahmedabad - Trib.) held that
"Section 2(14) of the Income-tax Act, 1961 read with section 63AA of Gujarat Tenancy
and Agricultural Lands Laws (Amendment) Act, 1997 (GT & ALL) and section 65B of
the Bombay Land Revenue Code, 1879 - Capital gains - Capital assets (Agricultural land)
Section 45 in The Advocates Act, 1961 [Entire Act]
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 254 in The Income Tax Act, 1961 [Entire Act]
Section 54B in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax vs M. R. Prabhavathy on 7 July, 2023
c. That the Hon'ble SUPREME COURT OF INDIA incase of Commissioner of Income-tax
v. M. R. Prabhavathy* [2023] 154 taxmann.com 143 (SC) held that "Section 2(14) of the
Income-tax Act, 1961 - Capital gains - Capital assets (Agricultural land) - Assessment
year 2008-09 - Assessee got his agricultural lands converted for non-agricultural purpose
and sold said land, however, he did not offer any capital gain to tax claiming
that land was agricultural land - Revenue submitted that assessee's lands were within 8
kms. fromDevanahalli Municipality and within 8 kms. from Bengaluru Municipality
(BBMP) when measured aerially, therefore, they fell within definition of capital assets
under section 2(14)(iii) - Tribunal noted that, though land was converted, assessee
continued agricultural operations which was evident from fact that income derived
from agricultural operations declared by assessee was accepted by revenue - Further,
even as per notification issued by Central Government, lands did not fall within 8 kms.