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2015 (10) TMI 1459 - ITAT PANAJI

2015 (10) TMI 1459 - ITAT PANAJI - TMI - Deduction u/s 54B - CIT(A) had accepted the Assessee's claim that the land sold was an agricultural land and had also allowed the Assessee's claim of deduction u/s 54B to the extent of ₹ 1 crore representing the amount paid by the Assessee to the seller of the agricultural land - Held that:- A perusal of the land records, more specifically Form No. II, in Nagarcem Palolem shows that the land sold by the Assessee has been recorded in the Revenue reco .....

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ly to the extent of this amount and not ₹ 1 crore as allowed by the ld. CIT(A). The Assessee has relied upon the decision of Janardan Dass reported in [2007 (10) TMI 172 - ALLAHABAD HIGH COURT] therein assessee had purchased a land alongwith tubewells and trees which were part of the agricultural land. This is not a case where the Assessee had paid separately for the land and separately for the plantation whereas in the Assessee's case the sale deed has been registered only for ₹ 27, .....

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rge Mathan, JM,JJ. For the Appellant : D E Robinson, Adv. For the Respondent : S Nataraj, Ld. DR ORDER Per George Mathan 1. ITA No. 332/PNJ/2014 is an appeal filed by the Revenue against the order of CIT(A), Panaji in ITA No. 493/MRG/11-12 dt. 17.7.2014 for A.Y 2009-10 and CO No. 28/PNJ/2015 is the Cross objection filed by the Assessee in the Revenue's appeal being ITA No. 332/PNJ/2014. Shri S. Nataraj, ld. DR represented on behalf of the Revenue and Shri D.E. Robinson, Advocate represented .....

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7 lacs disallowed by the AO. It was also the submission that the ld. CIT(A) had upheld the claim of the Assessee that the land sold by the Assessee was an agricultural land. It was the submission that in the course of the assessment it was noticed by the AO that the Assessee had sold land within the municipal limits to Mariott Hotels. It was the submission that the Assessee was unable to prove that the land sold was an agricultural land. It was the further submission that the said land was sold .....

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claim that the land sold was an agricultural land and had also allowed the Assessee's claim of deduction u/s 54B of the Act to the extent of ₹ 1 crore representing the amount paid by the Assessee to the seller of the agricultural land which was purchased by the Assessee though the same was registered at ₹ 27 lacs only. The ld. DR vehemently supported the order of the AO. It was the submission that the order of the ld. CIT(A) was liable to be reversed. 4. In reply, the ld. AR dre .....

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documents in respect of the land purchased by the Assessee from Shri Metri by paying an amount of ₹ 1 crore, the property was registered at ₹ 27 lacs as the guideline value fixed by the Government in respect of the said land was only ₹ 27 lacs. It was the submission that the ld. CIT(A) had rightly allowed the Assessee the claim of deduction u/s 54B of the Act. 5. We have considered the rival submissions. A perusal of the land records, more specifically Form No. II, in Nagarcem .....

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tural land purchased by the Assessee in Vengurla from Shri Metri at ₹ 27 lacs. Though the Memorandum of Understanding does talk of payment of consideration of ₹ 1 crore, the registration has been done only for the amount of ₹ 27 lacs. The Assessee has admitted that the sale deed, in fact, mentions only an amount of ₹ 27,14,288/- and the balance consideration has been paid for the plantation, more specifically, the trees and crops on the said land. A perusal of the provisi .....

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