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2014 (10) TMI 261 - KERALA HIGH COURTCapital asset u/s 2(14) - Claim of exemption of capital gains on sale of land – nature of land – Agricultural or not – Held that:- The certificates produced by the assesses before the FAA, which are also referred to in the Tribunal's were totally insufficient to conclusively prove that the land in question was an agricultural land at the time of the sale – Following the order in Rasiklal Chimanlal Nagri v. CWT [1988 (8) TMI 117 - HIGH COURT AT CALCUTTA] - the situation of the land and its surroundings, physical characteristics of the land, the intention of the owner as gathered from the relevant circumstances, environment and situation of land, the previous, present and future use to which the land is put and the intention of the assessees at the time of sale were also appreciated by the lower authorities - in the absence of any satisfactory evidence produced by the assessees to hold that the land was an agricultural land, the finding of the lower authorities cannot be disturbed. None of the assesses had declared any agricultural income even in the returns filed after the date of search and even though the assesses had admitted that the possession of the land was given in January, 2006, for the subsequent years also they showed agricultural income - This showed that the cash flow statements were without any basis - the land was used for conducting football tournament and they themselves described the land in the conveyance deed as stadium land - the land was located very near to the Kottakkal Bus stand. Immediately after the land was handed over to the purchaser, he constructed a commercial complex in that land – thus, the order of the Tribunal is upheld – Decided against assessee.
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