No LTCG Liability since Property Sold is Agricultural Land and Placed on Record Computation of Total Income: ITAT deletes Addition of 52.9 Lakhs [Read Order]

The property sold was agricultural land, and the computation of total income has been submitted as evidence
By Aiswarya Krishnadas - On April 30, 2024 8:36 pm - 3 mins read
No LTCG Liability - Property Sold - Agricultural Land - Placed on Record Computation - Total Income - ITAT - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of Rs. 52.9 lakhs as there is no Long Term Capital Gain ( LTCG ) liability, given that the property sold was agricultural land, and the computation of total income has been submitted as evidence. The Assessment Year 2018-19,…

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