Sale of rural agricultural land by private company

under section 54B, exemption to individuals only not to a company
+ 54F

Agriculture Income is an exempted income source.
Once shown as Exempted .Now if u have the objective of selling the land for business purpose it's a capital asset.
The notion in this case is very difficult to judge owing to the fact the same may change hands from one person to another.

motion is not to be judged.
ownership in whose hands lies is to be judged

In my opinion....
u/s 2(14) of IT Act Rural agriculture land is not a capital asset hence sale of such asset not under ambit of Income tax.

first check whether such land is situated in city limits according to population of such city,if so it is not come under rural agriculture land and it will be taxable....

Rural Agricultural Land is not a capital asset, so no capital gains arise from the sale. But it is still a asset, whose sale will yeild income, which is also not agricultural income. So show it as income from other sources. It won't be exempt.