9911796707
TMI Blog2022 (10) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... ai, u/s.143(3) of the Income Tax Act, 1961 (hereinafter "the Act") for the Assessment Years 2008-2009 and 2009-2010 vide order of even date 20.03.2013. 2. The first common issue on merits in these two appeals of the Assessee is as regards to the order of the Commissioner of Income Tax (Appeals) in confirming the action of the Assessing Officer in holding that the agricultural land sold by these two Assessees are capital assets in nature attracting capital gains and also by invoking the provisions of Section 50C of the Act. The above issue is common in both the appeals of the Assessee and hence these two appeals were heard together and as the facts and circumstances are also identical, these two appeals are clubbed and disposed off by this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ong term capital gain as under: Property - I Sale consideration u/s.50C of the Income Tax Act, 1961 53,29,516/5127= 1039.5 x 753 = 7,82,743 Less : Indexed Cost 45,000 / 1000 x 763 x 551 /100 = 1,89,186 Taxable LTCG = 5,93,557 Property - II Sale consideration u/s.50C of the Income Tax Act, 1961 1039 x 1679 = 17,45,320 Less : Indexed Cost 45,000 / 1000 x 1679 x 551 / 100 = 4,16,308 Taxable LTCG = 13,29,012 Total LTCG 5,93,557 + 13,29,012 = 19,22,569 Aggrieved, the Assessee preferred an appeal before the Commissioner of Income Tax (Appeals). 4. Before the Commissioner of Income Tax (Appeals) the Assessee contended that these lands are agricultura ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is available at page No.64 which reads as under: ======================= "Office of Patwari [VAO] Halka No.25, Mandsaur (M.P.) Serial Q/.................. Dated 19.01.2013 This is to certify that the agriculture land Survey No.2058-2059, 2072, 2074/1 in the name of Chakrawarti S/o Sampatlal Bafna distance of above land from Municipality, Mandsaur viz BPL Choraha, Rewas Devas, Road 500 Quarter to Pratapgarh Choraha Road their the above Survey land No....land situated, the distance is 10 KM. K.L. CHANDEL (P.H.No.25, Tehsil Mandsaur)" ======================= 6. The learned Counsel for the Assessee also stated that in the Assessee's brother case, the co-owner of Shri. Siddharth Bafna, the Commissioner of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Survey No.2058. Even, the land is away from the municipality limits as certified by the VAO. We also noted that the Commissioner of Income Tax (Appeals) in the Assessee's brother case, who is the co-owner of the land, has already deleted the addition. Hence, taking a consistent stand, we delete the addition and hold that the land in question is an agricultural land and allow the appeal of the Assessee. 9. Similar are the facts for the Assessment Year 2009 - 2010. Hence, taking a consistent view, we delete the addition on the long term capital gain [LTGC] added by the Assessing Office and confirmed by the Commissioner of Income Tax (Appeals). 10. The next common issue in these two appeals of the Assessee is as regards to the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of such books of accounts and the relevant documents, any submissions made in this regard are just narratives only which do not have any evidentiary value. In the present case of the Appellant, no such books of accounts or the relevant documents / papers have been produced by the Assessee to substantiate the contentions raised in the written submissions. Hence, in my considered opinion, the genuineness of the said cash deposits could not be established by the Assessee. Accordingly, the additions made by the Assessing Officer are confirmed." 12. Even before us, the Assessee could not substantiate these cash deposits vis-à-vis cash withdrawals and hence we confirm the order of the Commissioner of Income Tax (Appeals) on this issue a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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