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2015 (7) TMI 200 - AT - Income TaxLong term capital gain on sale of land - agricultural land in terms of section 2(14) - Held that:- The land sold by all the brothers situated in village- Sanjhaia, Tehsil- Sanganer, district- Jaipur. In case of assessee’s brother namely Shri Ram Sahay Sharma in A.Y. 2007-08 by the ITO ward 7(2), Jaipur order dated 25/03/2013 had not made any addition on account of long term capital gain. Further the ld CIT(A) as well as this Bench also allowed the appeal in case of Smt. Kamla Devi Sharma (2015 (7) TMI 195 - ITAT JAIPUR), who also sold her land at Sanjharia village to M/s Vatika Ltd. on 16/05/2006 and held that the agricultural land sold by the assessee is not capital assets as envisaged U/s 2(14) of the Act as same was sold to Vatika Ltd. within a short span of time. The other case laws relied by the assessee is also squarely applicable. Therefore, we hold that the land sold by all the assessees are agricultural land and beyond 8 KMs from the municipal limits. Accordingly, we allow this ground of all the appeals. Disallowance of relief U/s 54B and 54F - Held that:- As we have decided the land sold by these assessees as not capital assets as envisaged in Section 2(14) of the Act, we need not to express our views on these deductions as these deductions is based on capital assets envisaged in Section 2(14) of the Act. Penalty U/s 271(1)(c) - Held that:- Assessing Officer imposed penalty U/s 271(1)(c) of the Act, which has been confirmed by the ld CIT(A) in all the cases but as decided above, the land sold is not capital assets as envisaged in Section 2(14) of the Act and held agricultural land, which is not come under the purview of taxable income. No concealment of particulars of income or furnished inaccurate particulars of income is there. Therefore, we delete the penalty in all the cases. Thus, we allow the appeals in all the cases. - Decided in favour of assessee.
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