S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes

DCIT vs. M. Kalyan Chakravarthy (ITAT Hyderabad)

The only reason the A.O. treated the land as non-agricultural land was that ‘agreement of sale’ read with ‘Irrevocable GPA’ does not indicate that land retained the character of agriculture at the time of transfer. This was also the ground raised by Revenue in the appeal that M/s. Ramky Estates and Farms P. Ltd., may […]