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2019 (8) TMI 45 - AT - Income TaxLong Term Capital Gain - treating the rural agricultural land as capital asset u/s.2(14) - Nature of land sold - HELD THAT:- As per the certificate received from SUDA regarding the distance of land situated within the limit of the SMC, we find that impugned land situated within the limit of SMC, therefore it is chargeable to long term capital gain. Accordingly, this ground of appeal of the assessee is dismissed. Deduction u/s 54B - assessee purchased agricultural land from the sale proceeds - copy of Form No.7/12 which indicates agricultural use of land and submitted that entries in the revenue record are prima facie evidence to indicate that the land in question is agricultural land - use of grass for grassing of the cattle is in the nature of agricultural income - HELD THAT:- It was an admitted position that in the area round about, there was no building activity. The land was no building activity. The land was not approachable by any road to the residential locality of Navrangpura and other societies to which reference was made by the Appellate Assistant Commissioner in his order in that case. It was further in evidence that neither the assessee nor the person to whom the assessee had sold different plots of land had, at any time, made any attempt to put the land to non-agricultural use. Therefore we are of the considered opinion that the impugned land on which Ghas is shown as per revenue record was in the nature of agricultural land on which agricultural activities were being carried out in the form of grass and same was irrigated by ‘well’. Therefore, the assessee is entitled for deduction u/s.54B, accordingly this ground of appeal is allowed in the appeal of the assessee.
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