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2018 (8) TMI 755 - AT - Income TaxReassessment u/s 147 - nature of transfer of land - assessee claimed as an agriculturist and sold agriculture land and agriculture activity was done on the land at the time of transfer of agricultural land. - It is claimed that, The purchaser has purchased the land for industrial purpose but assessee has not sold the land as industrial plot. - Held that:- The copy of the sale deed dated 24.03.2009 shows that the properties in question have been referred as “industrial plot” for industrial purposes. In the sale deed, it is also mentioned that the plot under sale have been declared as industrial area by Khurja Development Authority as per master plan. Thus, on the date of sale, the land in question was not an agricultural land. The same would qualify to be considered as capital assets u/s 2(14) of the IT Act. The sale deed in question is executed by the assessee and is document produced by the assessee. The assessee is therefore bound by the contents of the registered sale deed. The Agreement to Sale has no relevance to the matter in issue on execution of the registered sale deeds. Since prior to sale of the property in question, it was declared as industrial plot by the competent authority, therefore, it could not assume the character of agriculture land. Additions confirmed - Decided against the assessee.
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