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Section 2(14) - recent circular - Capital gains distance of rural agricultural land from municipal area for exemption- un-necessary litigation by revenue.

Income Tax - Direct Tax Code - DTC - By: - DEV KUMAR KOTHARI - Dated:- 24-10-2015 - Relevant links and references: Section 2(14) (iii) of the Income-tax Act, 1961. Section 11 of the General Clauses Act The Circular No.3/2014, dt.24.1.2014 CIRCULAR NO. 17/2015 dt. 06.10.2015 The Commissioner of Income Tax Versus Nitish Rameshchandra Chordia, Smt. Maltibai R Kadu & Twelve others 2015 (4) TMI 227 -Other Citation: [2015] 374 ITR 531 (Bom. Nagpur Bench). Commissioner of Income Tax vs. Satinder Pa .....

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t from 01.04.2014 that is assessment year 2014-15. By this amendment item (b) was substituted to provide for different distances (2, 6 and 8 KM) , aerially measured from any municipal / cantonment limit. The Circular No.3/2014, dt.24.1.2014 also stated that the amendment will be applicable form AY 2014-15. However, as usual, tax authorities applied this amendment retrospectively in pending assessments of assessment year up to AY 2013-14, to which the amendment was not at all intended. Particular .....

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prospective. Where ITAT held amendment prospective, the revenue should have, in view of Circular No.3/2014, dt.24.1.2014 accepted the decision. However, revenue approached High Court, and Bombay High Court held that the amendment will not be applicable retrospectively. Court must award costs in favour of assessee: In such cases, particularly when proceedings have been started by taking a view contrary to Circular of CBDT, and tax payers have to suffer due to litigation, the Courts must be liber .....

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ected that for earlier years, on this issue, appeal should not be filed, and pending appeals should be withdrawn. Though circular admit that it is being a settled issue, however, it is restricted to issue of filing of appeals and withdrawal of departmental appeal on this issue. Circular is silent about assessment and related issues: The circular is silent about assessment and related issues. Once the issue is considered as settled, directions should include matters for: Rectification of assessme .....

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to reassessment or revision by treating amendment as retrospective. The above directions are required to bring in clarity, that for all purposes, amendment is to be applicable from AY 2014-15 and not to earlier years and accordingly remedial measures can be taken so that un-necessary litigation does not take place and assesses are not harassed. In nut shell, the Circular must clearly state that for all purposes, the issue is settled as to amendment being prospective, therefore, for period up to .....

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