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2016 (6) TMI 1246 - AT - Income TaxSale of land - agricultural land or capital asset - nature of land - land converted - Held that:- As in assessee’s own case for the AYs 2007-08 to 2009-10 the admitted fact is that 188 cents of land was sold to various persons and an agreement was entered into for construction of villas. Therefore, it has to be ascertained what happened to the remaining part of the land after its conversion. The fact remains is that entire 512 cents of land was converted into residential plots on the basis of the resolution passed on 19-09-2006. Therefore, this Tribunal is of the considered opinion that the certificate issued by the village officer goes against the fact admitted by the assessee. Since the assessee itself admits that the land was converted into housing plots as on19-09-2006 the same cannot remain as agricultural land for any longer. In other words, the purpose and usage of the land was converted into non-agricultural land as on 19-06-2006 and part of the land was sold as on 27-03-2007. Therefore, this Tribunal is of the considered opinion that when the assessee itself claims that the land was converted into non agricultural land as on 19-06-2006 it cannot continue as agricultural land any further. Therefore, the certificate said to be issued by the village officer has no relevance in view of the facts admitted by the assessee. Hence, there is no justification in the claim of the assessee that the land is an agricultural land. The authorities below are justified in holding that the land in question is capital asset liable for taxation - Decided against assessee.
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