Exemption on sale of agricultural land rightly denied as sale deed suggested that it was residential land: ITAT

IT : Where assessee sold a piece of land claiming it to be in nature of agricultural land, in view of fact that no agricultural activity was carried out on said land during relevant year and, moreover, land in question was situated within 8 km. of local municipal limits, Assessing Officer was justified in making addition to assessee's income under head 'Capital gain' by invoking provisions of section 50C

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