Allowing the appeal of the assessee the Tribunal held that ; Sale of agricultural land purchased on good price and purchasing the land of higher volumes at different places cannot be regarded as trader assessee is held to be entitle to exemption. ( AY. 2009-10)
Shailesh Gangaram Ramani. v. ITO (2018) 168 ITD 446 (Rajkot) (Trib.)
S.2(14)(iii) : Capital asset – Agricultural land -Capital gains- Business income- Sale of agricultural land purchased on good price and purchasing the land of higher volumes at different places cannot be regarded as trader- Entitle to exemption. [ S. 2(14) , 28(i)]