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2017 (1) TMI 937 - AT - Income TaxGain out of sale of agricultural lands - nature of land - transfer - Held that:- Assessing Officer has drawn adverse inference on account of lack of appreciation of the facts. The Assessing Officer has relied upon the description in the 7/12 extracts to hold that the land was not agricultural. He has also drawn adverse inference on account of the agreement of sale executed by the assessee and the period for which the land was held by the assessee. The learned CIT(Appeals) has elaborately considered all the aspects of the Assessing Officer's adverse inference. His elaborate findings are cogent and fully sustainable. The reliance upon various case laws including that from the jurisdictional High Court in the case of CIT Vs Smy Debbie Alemao in [2010 (9) TMI 560 - Bombay High Court ] fully support his findings. Accordingly do not find any infirmity in the same. Hence uphold the order of Learned CIT(Appeals). - Decided against revenue
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