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2020 (5) TMI 204 - AT - Income TaxDisallowance u/s 54B - LTCG - Proof of agriculture activity on land transferred - onus to prove that the utilization of subjected capital asset for agriculture activity in last two years from the sale of said capital asset - in the event of, the condition of utilization of capital asset being land for agriculture purpose by the assessee or his parent, HUF remain unproved - HELD THAT:- Agriculture income certificate issued by the revenue department of the State of Telangana has been got issued in favour of the assessee by applying online and the format in which it is issued is as per the concerned state’s prescribed rules and regulations. We have so considered the submission of the assessee to the effect that the assessee had cultivated the agriculture crops during the period of 2 years immediately preceding the date of transfer and incurred the loss after meeting of all the expenditure incurred during the agricultural activities and debit the loss directly to capital account. Therefore, the agricultural income was not shown in the return of income for the A.Y. 2014-15 and 2015-16. Provisions of Section 54B of the Act, we allow this ground raised by the assessee and set aside the order passed by the revenue authorities and direct the A.O. to allow exemption u/s 54B . - Decided in favour of assessee.
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