Assessee sold land to a company and claimed same as exempt under section 2(14) (iii) on ground that same was agricultural land. the AO held that assessees along with their co-owners (sons) had obtained approval from Joint Director, Directorate of Town and Country Planning [‘DTCP’] for conversion of land for non-agricultural purpose prior to execution of sale deed, held that on date of sale, land was no longer agricultural land and not eligible for claiming exemption u/s 45  of the Act .  Commissioner (Appeals) deleted the addition. On appeal Tribunal held that agricultural activities were carried out in land, there were standing banana crops as well as coconut trees, etc, and land was situated 40 k.m. away from municipality. Accordingly affirmed the order of CIT(A). On appeal by the revenue, High Court affirmed the order of the Tribunal). (AY. 2009-10)