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.
Menu
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).
Recent Threads
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
Related Threads
CAclubindia
