Sh. Mandeep Singh Anand Vs. DCIT, Circle-53(1), Delhi

Parties Involved

Facts Summary

The case pertains to the assessment year 2013-14. The assessee, Sh. Mandeep Singh Anand, appealed against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [CIT(A)/NFAC], Delhi, dated 12.02.2024. The CIT(A)/NFAC had held that the assessee derived long-term capital gains amounting to Rs. 2,66,89,945/- on the transfer of his agricultural lands in the village Bhandwari, Tehsil- Sohna, Distt. Gurgaon. The assessee contended that the lands sold did not form a 'capital' asset under section 2(14) of the Income-tax Act, 1961, and thus should not attract capital gain addition.…

Legal Issues

• 1. Whether the assessee’s lands sold/transferred on 18.10.2012 form a 'capital' asset under section 2(14) of the Act to attract capital gain addition.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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