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2016 (2) TMI 738 - ITAT HYDERABADTreatment to land - agricultural v/s non agricultural - selection of assessment year - Held that:- Since the facts in the present case indicate that assessee has sold away the agricultural land and there is no intention or evidence that land was converted to non-agricultural land or put to use for nonagricultural purposes, the contention that purchaser used the land for the purpose of Engineering College cannot be held against the assessee so as to treat the land as non-agricultural land. It is also deserves to be noticed that Revenue did not place on record about the status of the 2/3rd stakeholder’s assessments. It is also further noticed that the land in question was sold on 4th March, 2008, the fact of which was also stated in the assessment order. However, for the best reasons known to the A.O. he treats the previous year as 2008-09 whereas the previous year should have been 2007-08. Consequently, the issue could have been considered in A.Y. 2008-09 and not in A.Y. 2009-10 in which year there is no such transaction of sale of land. The A.O. in our view, has considered the assessment year wrongly and initiated proceedings in a later year, when the property was sold on 04.03.2008 relevant to A.Y. 2008-09. In view of that the contentions of the Revenue does not require any consideration - Decided in favour of assessee
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