Income from Agricultural Land is not subject to Capital Gains Tax u/s 2(14) Income Tax Act : ITAT

The ITAT ruled that income from the sale of agricultural land is not subject to capital gains tax under Section 2(14) of the Income Tax Act. The tribunal confirmed that agricultural land is excluded from the definition of capital assets, and therefore, any income derived from its sale is exempt from capital gains tax. This decision reinforces the tax-exempt status of agricultural land, providing clarity for taxpayers engaged in agricultural activities. The ruling is significant for landowners and farmers, ensuring that their income from agricultural land sales remains untaxed.