Consideration from Sale of Urban Agricultural Land is subject to Capital Gains Tax: ITAT upholds Revision Proceedings u/s 263 of Income Tax Act [Read Order]
ITAT upheld revision proceedings under Section 263 of the Income Tax Act, 1961 ruling that consideration from the sale of urban agricultural land was subject to capital gains tax
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) upheld revision proceedings under Section 263 of the Income Tax Act, 1961 ruling that consideration from the sale of urban agricultural land was subject to capital gains tax. The assessee’s complaint was that the Principal Commissioner of Income Tax ( Pr. CIT )…
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