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2023 (10) TMI 367 - ITAT KOLKATADeduction u/s 10(37) denied - sustaining the addition on account of long-term capital gain on sale of agricultural land - assessee has received compensation on which TDS was deducted. The assessee filed the return for obtaining the refund of TDS deducted from the said compensation on the ground that capital gain arising from the sale of impugned asset is not taxable within the meaning of section 10(37) as the land was agricultural land and exclusively used for agricultural purposes during the period of two years prior to the date of acquisition. HELD THAT:- As perused the details of land to be ‘Dhanattar, which means that the land was used for growing rice. After appreciating all these facts, we are satisfied that the impugned land was agricultural land and was being used for agricultural operations prior to the date of acquisition during two years prior to acquisition. Accordingly, the conditions as envisaged under section 10(37) of the Act are satisfied and any capital gain arose out of the said agricultural land is exempt under section 10(37) - thus set aside the order of ld. CIT(Appeals) by allowing the appeal of the assessee.
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