Tribunal held that tree standing on an agricultural land are transferred along with land as its integral part in one transaction, said land would be regarded as agricultural land and not a separate capital asset. Entitle to exemption. (AY. 2012-13)
ITO v. G.S. Lekha (Smt.) (2019) 177 ITD 1 / 200 TTJ 785 (TM) (Cochin) (Trib.)
S. 2(14) : Capital asset – Tree standing on an agricultural land are transferred along with land as its integral part in one transaction, said land would be regarded as ‘agricultural land’ and not a separate capital asset -Entitle to exemption. [S. 2(14) (iii)(a),10(37), 45]