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Land can’t be held as agricultural land if it is too small for carrying out agricultural operations: ITAT

September 10, 2020[2020] 119 taxmann.com 99 (Bangalore - Trib.)
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INCOME TAX : Assessee sold land/property, but capital gain on same had not been disclosed in return of income Assessee took a stand that property was an agricultural land and therefore was not a capital asset and capital gain on sale of agricultural land was not exigible to tax

• However, though circumstance that land was classified as Agricultural in revenue records was in favour of assessee, however, in view of other circumstances pointed out that land was too small for carrying out agricultural operations, land was sold at a price comparable to price fetched by building sites, price was such that no bona fide agriculturist would purchase same for genuine agricultural operations and no evidence of agricultural operations carried out had been placed on record it was to be concluded that property was not an agricultural land.

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