Sold Land for Rs 8.75 Crore, Paid No Tax: ITAT Rules in Favor of Seller

• ITAT Ahmedabad ruled that Capital Gains Tax is not applicable if land was agricultural at the time of sale.
• Mr. Pandor sold two agricultural lands for Rs. 8.75 crore in FY 2015–16 but did not declare profit in ITR.
• Income Tax Officer levied tax, but Commissioner (Appeals) found land was agricultural and outside municipal limits.
• The buyer converted the land for industrial use 5-6 years after the sale, not before.
• ITAT upheld the decision, emphasizing that the land's nature at the time of sale is crucial, citing previous High Court judgments.