Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
