Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
Customs Broker licence proceedings require accurate procedural facts before delay or natural-justice findings can justify setting aside regulatory act...
Provisional assessment finalisation must precede export duty recovery, while redemption fine fails for goods already exported and unavailable for conf...
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The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The Tribunal held that the AO erred in disregarding the certificate issued by the Tehsildar certifying the land as agricultural land situated beyond municipal limits. The AO failed to examine the discrepancies in distances mentioned by the Tehsildar and relied solely on the photocopy certificate without verifying its authenticity. The Tribunal relied on the certificate issued by the Survey of India, Government of India, to conclude that the land sold was agricultural land beyond municipal limits, not a capital asset, and hence not liable to capital gains tax u/s 45. Regarding deductions u/ss 54B and 54F claimed by the assessee for reinvestment in agricultural land and residential property, the Tribunal held that the Appellate Authorities have the power to consider claims based on material available on record, even if not claimed in the original or revised return. The assessee was held entitled to the deductions u/ss 54B and 54F. The Tribunal allowed the assessee's appeal.
The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The Tribunal held that the AO erred in disregarding the certificate issued by the Tehsildar certifying the land as agricultural land situated beyond municipal limits. The AO failed to examine the discrepancies in distances mentioned by the Tehsildar and relied solely on the photocopy certificate without verifying its authenticity. The Tribunal relied on the certificate issued by the Survey of India, Government of India, to conclude that the land sold was agricultural land beyond municipal limits, not a capital asset, and hence not liable to capital gains tax u/s 45. Regarding deductions u/ss 54B and 54F claimed by the assessee for reinvestment in agricultural land and residential property, the Tribunal held that the Appellate Authorities have the power to consider claims based on material available on record, even if not claimed in the original or revised return. The assessee was held entitled to the deductions u/ss 54B and 54F. The Tribunal allowed the assessee's appeal.
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