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2019 (8) TMI 541 - AT - Income TaxExemption claimed u/s.54B - profits realized on sale of the agricultural land constituted business income and also denied the exemption claimed u/s.54B - benefit of deduction u/s.54B denied on the ground that the land was not used by the assessee for agricultural purposes for the preceding two years from the date of transfer of such land - HELD THAT:- Assessing Officer has not conducted any specific enquiry to negate the assertions made by the assessee that the land was used for agricultural purposes. As per the 7/12 extracts, kharif season crops were grown on that land. As decided in SHRI VINIT KRISHNAKUMAR GOYAL VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-9, PUNE. [2019 (8) TMI 520 - ITAT PUNE] It is an undisputed fact that the 7/12 extracts were provided to the Revenue Authorities wherein clearly it is stated that the land in question was agricultural land. Even, there is certificate from Deputy Director, Town Planning, Pune stating that at the time of transfer the lands were agricultural land. Similarly, in the Sale Deed itself it is clear that the lands in question were agricultural land. On the contrary, though the Revenue is taking the transaction as business income they have not brought in any evidence on record neither they have conducted any specific enquiry to show that it is business transaction. - Decided against revenue.
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