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2017 (5) TMI 13 - ITAT MUMBAIIncome from sale of the agricultural land - year of assessment - claim of deduction on account of cost of improvement.Held that:- As per our considered view, since not only sale deed was executed in the A.Y. 2008-09 but also possession was given in the A.Y. 2008-09, capital gain was liable to be taxed in the A.Y. 2008-09 and not in the A.Y. 2009-10, merely because sale deed was got registered in the A.Y. 2009-10. We also found that the same land of ₹ 1,45,00,000/- has also been assessed in AY 2008-09. It is the case of the department that sale of land should be accessed to tax in AY 2008-09. This finding of fact was not contested by the Assessee or the Department during both Assessment proceedings as well as remand proceedings. We also found that the assessee has gone in for Dispute resolution scheme and hence the entire amount in accordance with the scheme was stated to have paid. As per our considered view since, the capital gains on sale of land is liable to be taxed in AY 2008-09 and tax has already been paid in accordance to the Income Declaration Scheme, the said long term capital gain is taxable in AY 2008-09 and not in the' current AY 2009-10, If the capital gain on Long term capital gain on sale of land is also taxed in 2009-10, then it shall result in double taxation of the said Capital gains. So far as deduction of ₹ 90 lakhs is to be allowed as the cost of improvement since the same has been paid before 31/03/2008, the same is liable to be allowed while computing the capital gain.
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