hai friends...Under Sec2(14) of the inc tax Act rural agri land is excluded from the definitn of Cap Asset if either satisty ist or 2nd conditions as prescribed in the section. My query is that ,is that alone we hav to consider or in addition to that some important tests too ,which our apex court specified in the case of Sarifabibi Mohmed Ibrahim Vs CIT(1993). I would be thankful if anybody revert to me in this regard.
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CAp Asset Definition-exclusionns
Replies (1)
Sec. 2(14) enumerates definition of Capital assets and it excludes agriculture land from the perview of the “Capital Assets” fulfilling certain specified conditions. However, before referring the said definition, we have to first decide whether a land is an agriculture land or not”. It is a question of facts. There are so many tests/Guidelines evolved in the decisions of High Courts and Supreme Court for the same. Hence, we have to consider the same to decide whether a land is an agriculture land or not before we look at the definition of Capital Assets. For the same refer case-law of Smt. Sarifabibi Mohmed Ibrahim Vs.CIT (1993) 204 ITR 631(SC).
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