Prakash and Sh. Ram Dass vs. ITO
Parties Involved
Facts Summary
The case involves two assessees, Prakash and Sh. Ram Dass, who sold their respective agricultural lands situated in the village Daulatpur, Tehsil Kapashera, New Delhi, during the previous year. The lower authorities considered these lands as urban land, resulting in long-term capital gains. However, the assessees argued that the lands were treated as agricultural in the sale deeds and were notified as urban only in the financial year 2017-18, post the sale transactions in 2014.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the lands sold by the assessees should be considered as agricultural or urban for the purpose of computing long-term capital gains.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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