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2010 (9) TMI 411 - AT - Income TaxCapital gain - property acquired under the Land Acquisition Act, 1894 – Date of transfer - title to the lands vests in the Government under section 16 of the said Act on taking of possession of land by the Land Acquisition Collector in pursuance to the Award - for the purposes of charging capital gains, the date of transfer corresponds to the dates of the Awards - during the period of two years immediately preceding such dates of transfer, the land was being used for agricultural purposes by the assessee or a parent of his - Department had sought to hold that the land was not being used for agricultural purposes because the land was said to be situated within the municipal limits - lower authorities have disregarded the evidence produced by the assessee by merely disbelieving the same, and without bringing on record any clinching evidence to the contrary - Merely because the land was adjoining a developed area would not take away the agricultural use of the land - corresponding enhanced compensation received not be eligible for exemption under section 10(37) of the Act - reasoning put forth by the CIT (Appeals) is not consistent with the provisions of section 10(37)(iv) - condition prescribed in clause (iv) of section 10(37) is satisfied - Assessing Officer to recompute the exemption eligible under section 10(37) of the Act, keeping in mind the non-agricultural use of the lands as conceded by the appellant - respective orders of the CIT (Appeals) in the appeals set aside and the matter restored back to the file of the Assessing Officer to adjudicate the claim of the assessee for exemption under section 10(37) of the Act – A ppeal partly allowed
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