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2020 (2) TMI 650

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..... that the land sold was agricultural land and the same is not a capital asset and the same is covered by the exception contained in Section 2(14)(iii) of the Act. In view of the examination of facts on record, we set aside the order of the CIT(Appeals) and allow the grounds raised in appeal by the assessee. - ITA No.1339/PUN/2017 (Assessment Year : 2011-12) - Dated:- 9-1-2020 - SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM Assessee by: Shri Subodh Ratnaparkhi Revenue by: Shri S.P Walimbe ORDER PER PARTHA SARATHI CHAUDHURY, JM : This appeal preferred by the assessee emanates from the order of the Ld. CIT(Appeals)-1, Aurangabad dated 20.03.2017 for the assessment year 2011-12 as per the following grounds of appeal on record: 1 .....

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..... o-owners were involved in the sale of said land. In spite of the above findings, the Assessing Officer had proceeded to tax the entire sale consideration of ₹ 80,00,000/- in the hands of the assessee. It was further contended by the assessee before the Ld. CIT(Appeals) that the land sold was agricultural land at Village Khadand, Mangaon, Dist. Raigad and the same was not capital asset as the said agricultural land was covered by the exception contained in section 2(14)(iii) of the Act. Accordingly, the gains arising on sale of such agricultural land did not lead !o any "income" liable to be taxed in the hands of the assessee. In support of the above claim, certificate dated 8.5.2015 from local Talathi (Land Revenue Officer) .....

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..... unicipality and 27 kilometer away from Mahad Municipal Corporation. The Inspector further reported that the land in question was being used for growing vegetables at the time of his visit and for the irrigation of land; there was a canal nearby i.e. 350 meters away from agricultural land. The Ld. CIT(Appeals) as per detailed reasoning and observation contained in his order which is on record had partly allowed the grounds of appeal of the assessee. To the extent that where the Assessing Officer has made addition of entire sale consideration of ₹ 80,00,000/-, the Ld. CIT(Appeals) found that the assessee had 1/5th share in the said land as per sale deed dated 28.12.2010 and accordingly, directed the Assessing Officer to compute long ter .....

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..... unicipal Corporation. That further, the Ward Inspector further reported that the land in question was being used for growing vegetables at the time of his visit and for the irrigation of land; there was a canal nearby i.e. 350 meters away from the said agricultural land. The only reason that the Ld. CIT(Appeals) decided to compute long term capital gain on proportionate basis i.e 1/5th share of the assessee because as per 7/12 extract, the land was shown as Padit/ barren land . The Ld. CIT(Appeals) also observed that so far the Inspector report is concerned, he has stated that at present agricultural crops were grown but it was not the position when the land was sold. We observe in the entire order of the Ld. CIT(Appeals), he has not clearl .....

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