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2021 (4) TMI 539 - AT - Income TaxLong Term Capital Gain on sale of Vejalput land - HELD THAT:- There is no dispute qua the amount of capital gain earned by the assessee along with other parties. As per the assessee the amount of capital gain was taxable in the assessment year 2007-08 and 2008-09 whereas the revenue had taxed the entire amount of capital gain in the assessment year 2006-07 as contended by the learned AR. At the time of hearing, as pointed out by the learned AR that the assessee has settled his dispute for the assessment year 2006-07 under VSV scheme 2020. For this purpose, the learned AR has filed form 3 issued by the Income Tax Department showing the settlement of the dispute under VSV scheme 2020. As the dispute relating to the year under consideration has been settled under VSV scheme 2020, we hold that no separate adjudication is required. Share of profit from the undisclosed sources of income of the partnership firm - HELD THAT:- We note that the ITAT in the identical facts and circumstances in the case of other partners [2018 (5) TMI 852 - ITAT AHMEDABAD] has remanded back the matter to the file of Ld. CIT(A) for fresh adjudication in accordance with the provisions of law. Respectfully following the same, we are inclined to remand this matter to the file of Ld. CIT(A) for fresh adjudication in accordance with the provisions of law. Hence, the ground raised by the assessee is allowed for statistical purposes. Exemption under section 54B - alternate contention for allowing the of the Act as the investment in the agricultural land purchased which is more than the capital gain even if the benefit of cost of improvement is ignored - HELD THAT:- Admittedly, the assessee in his computation of income has shown investment in the agricultural land which is much more than the capital gain earned by the assessee after ignoring the index cost of improvement. Accordingly, in principle we find force in the contention of the learned AR for the assessee as the investment in the agricultural land exceeds the amount of capital gain. However, this aspect has not been verified by the authorities below. Accordingly we are inclined to set aside the issue to the file of the AO for the limited purpose to verify whether the assessee has made investments in another agricultural land only. If the contention of the assessee is found correct, then the assessee should be allowed the benefit of exemption under section 54B of the Act as discussed above. Hence the ground of appeal of the assessee is allowed for the statistical purposes.
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