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Facts
The assessee, an individual, sold immovable property for Rs. 2,94,57,000/- and failed to disclose the capital gain in his return. The Assessing Officer reopened the assessment and taxed the capital gain. The CIT(A) upheld the AO's action.
Held
The Tribunal held that since the assessee failed to provide any material or documentary evidence to prove that the land was agricultural and not a capital asset, the lower authorities were justified in treating it as a taxable capital asset.
Key Issues
Whether rural agricultural land, not considered a capital asset as per Section 2(14) of the Act, can be treated as a taxable capital asset and taxed for capital gains.
Sections Cited
112, 139, 147, 142(1), 2(14)
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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE
Before: SHRI R. K. PANDA & MS. ASTHA CHANDRA
आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to:
1. 1. अपील र्थी / The Appellant; प्रत्यर्थी / The Respondent 2.