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2018 (12) TMI 216 - HC - Income TaxSale of land - agricultural land u/s 2(14)(iii) - Capital asset - Held that:- No materials have been produced by the assessee for the period between 1998 and 2006 to show that he was carrying on agricultural activities in the land at any point of time except producing Chitta and Adangal for the year 2005. Since relevant columns in the Adangal with regard to crop and extent are left blank, it would not be proper to record a finding on those documents and they have to be discarded. It is an undisputed fact that no genuine agriculturist would purchase a land ₹ 2,50,00,000/- per acre. In our considered opinion, the factors 2, 7, 8 and 13 evolved by the Gujarat High Court in SIDDHARTH J. DESAI [1981 (9) TMI 48 - GUJARAT HIGH COURT] are relevant factors to be taken into consideration for deciding the nature of the land. However, the appellate Tribunal overlooking the above material factors and on the basis of Chitta and Adangal,granted exemption of payment of capital gain. Hence, this is the case of finding on no evidence and it is perverse. As contended by the assessee that the entire extent of 301 cents does not belongto him. It is evident from the records produced by the assessee that the entiresale consideration was ₹ 15,30,00,000/- and the share of the assessee was ₹ 8,61,41,416/-. - Decided in favour of the Revenue
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