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There are 19-20 properties involved in one assessee’s Case for the A.Y. 2011-2.
At the time of purchase of such properties the status of land was rural agricultural land.
However, after some time…. Such land was converted into industrial plots. Afterwards, such properties were sold by assessee. Assessee does not paid Capital gain tax on such sales.
Now department reopen the case us 148 and raise demand. Of approx 2crs. As per calculation.
Doubt- whether such land could be treated as rural agricultural land or industrial plot….? As demand is huge.
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