Assessee sold a land and claimed that said land was an agricultural land and, thus, proceeds were exempt from tax . Assessing Officer assessed gain as liable to capital gains tax . On appeal the Tribunal held that there was no evidence of agriculture produce having been sold by assessee , further, land was situated in area which was an upcoming residential area with many upcoming private residential flats to be built therefore on facts, land sold by assessee could not be considered as agricultural land and same was to be treated as a capital asset liable to be taxed . (AY. 2007 -08)