TMI Blog2012 (1) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... relates to levy of short term capital gain on sale of agricultural land. Except difference in figures the issue involved is identical. For sake of convenience the grounds of appeal in ITA No.5304/Del/2011 in the case of Smt. Manju Bansal are reproduced as under:- 1. On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of ₹ 2,34,70,697/- made by the Assessing Officer on account of Short Term Capital Gain. 2. The order of the ld. CIT(A) is erroneous and is not tenable on facts and in law. 3. The only issue for consideration relates to levy of short term capital gains on sale of agricultural land. The facts of the case stated in brief are that the assessee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sl. No. Name A.Y. Amount 1. Smt. Manju Bansal 2008-09 Rs.2,34,70,697/- 2. Smt. Manju Bansal 2009-10 Rs.2,97,94,499/- 3. Smt. Nirmal Bansal 2008-09 Rs.2,34,70,697/- 4. Smt. Nirmal Bansal 2009-10 Rs.2,97,94,502/-. It was further submitted that assessees have sold agricultural lands which were situated more than 8 kms. from outer Municipal limits of Gurgaon. Therefore, the said agricultural lands w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis for denial of the claim of the assessee that the land in question was not a capital asset within the meaning of sec. 2(14) of the Act. The learned CIT(A) therefore, held that since lands were situated more than 8 kms. away from outer municipal limit of Gurgaon, the agricultural lands were not capital asset and therefore, the profits arising on sale thereof will be exempt from income-tax. 6. Before us, the learned CIT-DR submitted that two conditions are to be satisfied for claim of exemption i.e. it should be agricultural land and should be situated more than 8 kms. away from municipal limits. He further submitted that the learned CIT(A) has not examined whether the lands sold were agricultural lands. Therefore, CIT(A) should have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of Gurgaon. The Tribunal cannot adjudicate upon the issue which has been accepted by the AO. He therefore, submitted that no capital gain is chargeable on agricultural lands sold by both the assessees. 7. We have heard both the parties and gone through material available on record. The AO had made disallowance merely on the ground that possibility of shortest distance less than 8 kms. from outer limits of Municipal Corporation could not be ruled out. The assessee had filed certificate from Tehsildar of Gurgaon that the lands sold by both the assessees were situated 9 kms away from Municipal Corporation limits of Gurgaon. The AO had also obtained a certificate from the District Town Planner, who had also certified that the lands were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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