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2020 (2) TMI 650

..... s report categorically suggested that agricultural produce were grown on the said land, there was a canal from which irrigation was done on the said land. Even the certificate obtained from local Talati specifies the land being agricultural land. CIT(Appeals) has not distinguished or brought any other materials on record to negate such findings in the Inspector’s report and therefore, we are of the considered view 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/ .....

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..... /- on 28.12.2010 and the said land had been purchased by Late Shri Ashok Gajanan Potdar i.e. father of the assessee for purchase consideration of ₹ 30,000/- on 09.01.1989. As per registered documents, the share of the assessee in the sale consideration arising from the said sale transaction was 1/5th being ₹ 16,00,000/- only. The Assessing Officer had also mentioned in the assessment order that five co-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 Khadan .....

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..... The Income Tax Officer, Ward-1, Panvel vide his remand report dated 05.05.2016 stated that he had deputed his Ward Inspector to ascertain the distance of land from Municipal Corporation/ Municipality jurisdiction. The Ward Inspector had submitted report dated 30.12.2015 wherein it was stated that the land situated at Gut No.539, Village Khadand, Taluka Mangaon, Dist. Raigad was about 32 Kilometer away from Roha Municipality 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 reasoni .....

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..... ing Officer to depute an Inspector on the said land in order to ascertain the actual character of the land and whether it is agricultural land or not. It is evident from the record that the Ward Inspector in his report dated 30.12.2015 has stated that the land situated at Gut No.539, Village Khadand, Taluka Mangaon, Dist. Raigad was about 32 Kilometer away from Roha Municipality and 27 kilometer away from Mahad Municipal 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 l .....

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