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TMI Blog2022 (9) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... tly the sale proceeds are not entitled for exemption on the facts and circumstances of the case. 2. Whether the Tribunal was justified in law in confirming the addition of Rs.76,61,165/- made by the learned Assessing Officer, being exempted income as claimed by the appellant on the facts and circumstances of the case. 3. Whether the Tribunal was justified in law in upholding the order of the learned Commissioner of Income-tax (Appeals) on the conversation pf land into non-agricultural character, the land ceased to be agricultural land and consequently passed a perverse order on the facts and circumstances of the case? 4. Whether the Tribunal was justified in law in reversing the order of the learned Commissioner of Income-tax (Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uary 12, 2015. The CIT(A) admitted assessee's claim under Section 54F of the Income Tax Act, 1961 and directed the Assessing Officer to allow the same after satisfying the conditions as per law. Both the Revenue and the assessee challenged CIT(A)'s order passed in ITA No.1083/Bang/2015 and ITA No.1118/Bang/2015 respectively. By the impugned order, the ITAT has allowed Revenue's appeal and dismissed assessee's appeal. 5. Shri. Shankar for the assessee, submitted that the Assessing Officer held the property as Capital Asset on the premise that as per the Revenue records, the land was converted for Industrial purpose. The CIT(A) has confirmed the said finding and admitted assessee's claim under Section 54F of the Act; and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer has stated thus: "The undersigned visited the land in Ankanahalli village, bilikere hobli, Hunsur taluk. The land continues to be a mango orchard & there is no sign of any development activity." (Emphasis Supplied) 11. The ITAT in para 7 of its order has held that the land in question is situated beyond the prescribed limits of Mysore City. 12. Thus, the Remand Report by the Assessing Officer clearly shows that the land continued to be a 'Mango Orchard' and there was no sign of any development. 13. Agricultural land is excluded from the definition of Capital Asset under Section 2(14)(iii) of the Act and land situated beyond 8 kms. is exempted from the definition of Capital Asset. Thus, there is a finding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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