TMI Blog2023 (10) TMI 367X X X X Extracts X X X X X X X X Extracts X X X X ..... sition. HELD THAT:- As perused the details of land to be Dhanattar, which means that the land was used for growing rice. After appreciating all these facts, we are satisfied that the impugned land was agricultural land and was being used for agricultural operations prior to the date of acquisition during two years prior to acquisition. Accordingly, the conditions as envisaged under section 10(37) of the Act are satisfied and any capital gain arose out of the said agricultural land is exempt under section 10(37) - thus set aside the order of ld. CIT(Appeals) by allowing the appeal of the assessee. - SHRI RAJESH KUMAR, ACCOUNTANT MEMBER SHRI SONJOY SARMA, JUDICIAL MEMBER Appearances by: For the Assessee : Shri Sanj ay B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from tax u/s 10(37) of the Act. The statutory notices were duly issued and served upon the assessee. According to the ld. Assessing Officer, the said land was non-agricultural land but an urban agricultural land which was not used for agricultural purposes prior to the date of acquisition and accordingly capital gain arising from the said acquisition was treated as long-term capital gain arising from sale of non-agricultural land resulting into an addition of Rs. 91,62,720/- to the income of the assessee in the assessment framed under section 143(3) vide order dated 28.12.2017. 4. Being aggrieved, the assessee went in appeal before the ld. CIT(Appeals). The ld. CIT(Appeals) also affirmed the order of ld. Assessing Officer without giving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land was used for growing rice. After appreciating all these facts, we are satisfied that the impugned land was agricultural land and was being used for agricultural operations prior to the date of acquisition during two years prior to acquisition. Accordingly, the conditions as envisaged under section 10(37) of the Act are satisfied and any capital gain arose out of the said agricultural land is exempt under section 10(37) of the Act. We, therefore, set aside the order of ld. CIT(Appeals) by allowing the appeal of the assessee. The is accordingly directed to allow the exemption u/s 10(37) of the Act. 6. In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on June 28th, 2023. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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