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of <h1>Appeal admitted challenging denial of tax exemption on capital gains. Questions raised on ITAT's decision.</h1> The High Court of Rajasthan admitted the appeal challenging the denial of exemption under section 10(37) of the Income Tax Act and the inclusion of ... Exemption u/s 10 (37) eligibility - Held that:- Appeal admitted on following substantial questions of law: (i) Whether the Ld. ITAT was justified under law while reversing the findings of Ld. CIT(A) in respect of granting of relief of ₹ 56,94,231/- exemption u/s 10 (37) of the Act of 1961 by considering the Khasra Girdavari Report dated 05.12.2011 integral part of the order of Assessment as Annexure-A not furnishing information in respect of growing of Crop on the agricultural land during the year 2007-08? (ii) Whether the Ld. AO was justified under law to denying exemption u/s. 10(37) of the IT Act on the compensation received by the Assessee in respect of its land acquired by RIICO and making Addition of ₹ 1,30,33,036/- as Capital Gain by considering a Khasra Girdavari which does not disclose the information for growing of crop during two years immediately preceding the date of transfer? The High Court of Rajasthan admitted the appeal based on substantial questions of law regarding the denial of exemption under section 10(37) of the Income Tax Act and the consideration of Khasra Girdavari reports in the assessment order. The court questioned the justification of the ITAT in reversing the findings of the CIT(A) and the AO's denial of exemption and addition of capital gains. Notice was issued to the respondent.
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