Tribunal held that land revenue was paid every year to Government as agricultural land. From certificate of collector it was evident that till date of sale, land was an agricultural land and no non-agricultural activities had been carried on said land till date of its sale. The Assessing Officer was directed to treat the land as agricultural land. Assessee purchased another agricultural land and took possession. Entitle to deduction. (AY. 2012-13)
Suresh Dhulabhai Patel v. ITO (2021) 189 ITD 374 / 211 TTJ 41 (UO) (Surat)(Trib.)
S. 10(1) : Agricultural income-Agricultural land-Sold to non-agriculturist-Not capital asset-Not liable to be assessed as capital gains-Sold agricultural land and purchased another agricultural land and took possession-Entitle to deduction. [S. 2(14), 45, 54B]