TMI Blog2016 (5) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 - F. M. REIS K. L. WADANE, JJ For the Appellant: Ms. Asha A. Desai, Advocate For the Respondent: Mr. Jitendra Jain with Mr. S. Malkarnekar, Advocates ORAL ORDER : Heard Ms. Asha Desai, learned counsel appearing for the appellant and Mr. Jitendra Jain, learned counsel appearing for the respondent. 2 The above appeal inter-alia seeks to set aside the order dated 04.07.2014 passed by the Income Tax Appellate Tribunal, Panaji. 3. Briefly, the facts of the case are that during the relevant assessment year 2005-06, the assessee/respondent herein had planned to set up a state of the art international education institution with world class affiliation and as such purchased a plot of land called CONO sit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... distance. In the case of CIT v. Satinder Pal Singh 188 Taxman 54, wherein it has held as under: A perusal of the aforesaid provision shows that `capital asset' would not include any agricultural land which is not situated in any area within such distance as may be specified in this behalf by a notification in the Official Gazette which may be issued by the Central Government. The maximum distance prescribed by section 2(14)(b) of the Act which may be incorporated in the notification could not be more than 8 kms. from the local limits of municipal committee or cantonment board etc. The notification has to take into account the extent of, and scope for urbanization of that area and other relevant considerations. The reckoning of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 (SC) we are of the view that the opinion expressed by the Tribunal does not suffer from any legal infirmity warranting interference of this Court. Accordingly question No. 1 is answered against the Revenue and in favour of the assessee by upholding the order of the Tribunal. Looking to the above facts and circumstances of the case, we find that the net wealth means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on the date under this Act, is in excess of the aggregate value of all the debts owned by the assessee on the date of value whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, we allow the additional ground. We have allowed appeal on Cross Objection. We did not allow the revenue's appeal on merit. 4. The learned Tribunal as such found that the subject land is not urban land as per Section 2(ea) and therefore, it is not an asset and consequently, allowed the appeal on cross objection and did not allow the revenue's appeal on merits. During the course of the hearing of the above appeal, Ms. Desai, learned counsel appearing for the appellant has proposed the following substantial questions of law. Whether in law and in circumstances of the case the Hon'ble Income Tax Appellate Tribunal is correct in holding that the land in question situated at Siridao, Goa, bearing Survey Nos. 15, 16, 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi, out of which some land was acquired by the Government through a notification issued under s.4 of the Land Acquisition Act followed by the declaration issued under Section 6 of the Land Acquisition Act and the Company received compensation for the land after assessment under the Land Acquisition Act, the ITO, while assessing that the Company was a dealer in lands, had held that the acquired land constituted the Company's stock-in-trade and compensation received by the Company was liable to be taxed as an income in three assessment years under consideration. The question which was raised was answered by the Delhi Court in paragraph 9 of the ruling under consideration, which reads thus : .......This Court further held that, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e considered as business income. The ruling is squarely applicable to the facts and circumstances under our consideration in the present case as well. 15. In so far as relevance of Section 11 of the General Clauses Act is concerned, it needs to be noted that here the relevant amendment prescribing distance to be counted must be aerial has come into force w.e.f. 1st April, 2014. The need of the amendment itself shows that, in order to avoid any confusion, the exercise became necessary. The Parliament noticed the Judgments being delivered and, therefore, emphatically pointed out aerial distance as the relevant norm. This exercise to clear the confusion, therefore, shows that benefit thereof must be given to the assessee. It is settled ..... X X X X Extracts X X X X X X X X Extracts X X X X
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