Tribunal held that since land was converted into residential colony, it was no more an agricultural land therefore, even if land sold was treated as capital asset, it had lost its character of agricultural land not being used for agricultural purpose . Accordingly the deduction is not available . (AY. 2014 -15)
Sheetal Kataria v. PCIT (2019) 179 ITD 171 (Jaipur) (Trib)
S. 54B : Capital gains – Land used for agricultural purposes – Agricultural land was converted into residential plots and not used for agricultural purpose- Deduction is not entitle .[ S.45 ]