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2011 (11) TMI 475 - AT - Income TaxAgriculture Income - Dis-allowance treating it as Income from other Source - Held That:- As assessee submitted that cultivation is carried on said land, offered inspection of land, produced certificate issued by the VRO Certificate same has to be relied upon and it is not possible to reject the same without examining the deponent. Thus, agricultural income declared by the assessee is to be accepted as agricultural income only - Decided in favor of assessee. Computation of capital gains treating the same as non-agricultural land - Revenue contended it to be capital asset - Held That:- Mere fact that the land in question was agricultural land cannot be a ground to claim for exemption u/s 2(14) as the land is 'urban land' situated within the local limits of Hyderabad Municipal Corporation. Therefore, land in question is capital asset liable for income-tax. See CIT v. Bolla Ramaiah (1987 (3) TMI 8 - ANDHRA PRADESH HIGH COURT) - Decided in favor of revenue Exemption under 54B - Revenue opined that mere payment of advance does not entitle the assessee for relief under S.54B, transaction to be completed within 2 years - Held That:- Case remanded back to verify whether the assessee has purchased the agricultural lands within a period of two years, so as to qualify for relief under S.54B of the Act
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