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TMI Blog2018 (10) TMI 735X X X X Extracts X X X X X X X X Extracts X X X X ..... nds; 1. "The Ld. CIT(A) has erred in upholding the impugned addition of Rs. 8,90,000/- being the capital gains on the sale of ancestral agricultural land. 2. The Ld. CIT(A) has erred in not considering the deduction U/S 54B for the purchase of the land when full payment was made and the possession was taken. The deduction may please be allowed. 3. The Ld. CIT(A) and the Ld. AO erred in taxing the capital gain on the sale of agriculture land which is situated beyond the municipal area of Budnagar. Since Budnagar is not a specified city the agriculture land does not constitute the capital asset and as such taxing the capital gains is bad in law and the addition made on this account may please be deleted. 4. The Ld. CIT(A) and the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .O and also direct the assessee to obtain a certificate from local revenue office/patwari about the location of alleged land and further to prove that the same is covered by the notification referred herein above. In case the Ld.A.O is satisfied with the necessary documents furnished by the assessee then it can be inferred that the alleged land being not a capital asset therefore no capital gain is chargeable to tax. We accordingly allow the first issue for statistical purpose. 7. As regards the second issue about the quantum of deduction u/s 54B of the Act claimed by the assessee, we are of the view that this ground will become infructuous if the assessee succeeds in the first issue before the assessing authority. For sake of adjudication ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cured by the assessee much after the completion of the assessment proceedings. The assessee is also been unable to prove the source of Rs. 14,00,000/- paid by him in May, 2008 nor any justification has been proved to accept the impugned transaction of transferring of agriculture land after a lapse of 3 years even when the consideration was alleged to have been received by the buyer. In these given facts and circumstances of the case we find no merit in the second issue raised by the assessee in Ground No.2 and accordingly dismiss the same. However our this decision will be merely academic if the assessee succeeds on merits in the first issue before the Ld.A.O as per our direction given herein above. 9. In the result, the appeal of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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