2018 (3) TMI 1194

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....land as short term capital gain instead of declared by the assessee as capital receipt. For this, Revenue has raised following ground Nos.1 & 2:- "1. On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in interpreting definition of distance given in section 2(14)(iii)(b) of the I.T. Act as 'the distance to be measured through nearest approach road' when the only condition given in the said provision is that the land should be situated within such distance not being more than 8 Kms from any municipal limits. 2. On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the addition of Rs. 44,94,650/- made by the AO treating the profit arising on sale of agricultura....

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....is situated beyond 8 Kms. from the city municipal limits as measured by approach road method, and since no contrary evidence has been brought on record, it is held that the said agricultural land is not a capital asset as it is situated beyond 8 Km from the Nagpur city corporation limit." 4. Aggrieved, now Revenue is in second appeal before the Tribunal. 5. After going through the facts and circumstances, we find that the Revenue now before us could not controvert the above finding of the learned CIT(A) and hence, this issue of the Revenue's appeal is dismissed. 6. The next issue in this appeal is against the order of learned CIT(A) deleting the addition made by the Assessing Officer of deemed rent u/s 23(4) of the Act in relation to tw....