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2012 (7) TMI 393 - AT - Income TaxExemption under section 2(14) of the Act - agriculture land versus capital asset - transferred by the assessee - which is not notified by the Central Government for the purpose of treating the same as capital asset as required by u/s. 2(14)(iii)(b) of I.T. Act – Held that:- Mere fact that the land in question was agricultural land cannot be a ground to claim for exemption under section 2(14) of the Act as the land is situated within the local limits of Hyderabad Municipal Corporation - mere payment of advance does not entitle the assessee for relief under S. 54B of the Act, if ultimately whole transaction of purchase of land was completed within a period of two years as contemplated under S. 54B of the Act, assessee is entitled for relief under S. 54B of the Act - land transferred by the assessee is a capital asset, liable for capital gain - ground of the Revenue is allowed. Condonation of delay - CO filed by the assessee was delayed by 164 days - assessee explained the reasons in its affidavit. It is submitted that the delay is neither wilful nor intentional – Held that:- Reason advanced by the assessee cannot be considered as good and sufficient reason to condone the delay - delay involved is inordinate and not marginal - delay of 164 cannot be condoned simply because the assessee’s case is hard and calls for sympathy or merely out of benevolence to the party seeking relief - delays are not properly explained by the assessee - no reason for condoning such delay - appeal of the Revenue is allowed
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