https://www.taxtmi.com/caselaws?id=311267 ITAT Surat allowed the appeal for statistical purposes regarding rejection of rectification application under section 154 for refund of tax paid on alleged long-term capital gains from agricultural land sale. The tribunal held that when tax is paid in excess of proper liability, the assessee is entitled to refund under section 237 and Article 265 of the Constitution. The rectification application was treated as an additional claim and admitted for consideration, with the matter restored to the AO to examine whether LTCG on agricultural land outside municipal limits with population under 10,000 qualifies as exempt, as the land may not fall within the definition of "asset" under section 2(14). en-us Fri, 15 Jul 2022 00:00:00 +0530 Sat, 16 Dec 2023 10:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311267 ITAT Surat allowed the appeal for statistical purposes regarding rejection of rectification application under section 154 for refund of tax paid on alleged long-term capital gains from agricultural land sale. The tribunal held that when tax is paid in excess of proper liability, the assessee is entitled to refund under section 237 and Article 265 of the Constitution. The rectification application was treated as an additional claim and admitted for consideration, with the matter restored to the AO to examine whether LTCG on agricultural land outside municipal limits with population under 10,000 qualifies as exempt, as the land may not fall within the definition of "asset" under section 2(14). Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311267