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2018 (10) TMI 735

to the copy of notification issued by the Income Tax Department and mentioning the detail of location of the impugned agriculture land submitted that the alleged land is not a capital asset as provided in Section 2(14) of the Act in view of above referred notification and it falls outside the municipal limit as provided in this notification. Further both the parties have no objection if the issue is set aside to the file of A.O for making necessary verification. - We accordingly set aside the issue to the file of Ld.A.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. - Qua .....

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rising out of the order u/s 264/143(3) of the Income Tax Act 1961(hereinafter called as the Act ) framed on 26.02.2014 by ITO 2(2), Ujjain. 2. The assessee has raised following grounds; 1. The Ld. CIT(A) has erred in upholding the impugned addition of ₹ 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 .....

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parties have no objection if the issue is set aside to the file of Ld.A.O for making necessary verification. 6. We accordingly set aside the issue to the file of Ld.A.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 asses .....

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d for the land valuing at ₹ 8,20,000/-. We are of the considered opinion that the purchase of land has taken place in two parts. The affidavit signed by Shri Nagulal has been procured by the assessee much after the completion of the assessment proceedings. The assessee is also been unable to prove the source of ₹ 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 .....

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