Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 243 - AT - Income TaxNature of land sold - agricultural land or capital asset u/s 2(14) - gains arising on transfer of capital asset would be chargeable to capital gains - definition of agricultural land - As distance between nearest municipality and the land was less than 8 Km, the land was to be treated as non-agricultural land - HELD THAT:- Assessee’s land is situated at Village No.92, Eachangaranai which is located near Sri Esani Angala Parameshwari Amman Temple and Avigna. The name of Village no. 92 has since been changed to No.94, Eachangaranai which is evidenced by certificate of VAO as placed on record. Another locality having similar name i.e., Eachankarania is located near Bethesda IPA Church. AR has submitted that the land is situated near Avigna which is approx. 9.90 Kms from Chengalpattu Village in comparison to second Eachankarania which is very close to Chengalpattu. In support, the copy of Google map has been placed on record which shows that shortest route between these two points is 9.90 Kms. The exact location of the land is also certified in various certificates issued by Village Administrative Officer (VAO), the copies of which have been placed on record. Quite clearly, the assessee’s land is situated beyond 5 Kms since notification, as referred to by the assessee during appellate proceedings, has been accepted by Ld. CIT(A) and according to notification, the relevant area is 5 Kms. and not 8 Kms. Therefore, the assessee’s land could not be considered as non-agricultural land and the same would be out of ambit of ‘capital asset’ as defined in Sec.2(14). The fact that land continues to be agricultural land in revenue record could also not be controverted before us. This being the case, the assessment of capital gains, would have no legs to stands. By deleting the impugned additions, we allow the appeal.
|