AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2014 (1) TMI 389
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....all disposed of together as under:. 2. MA No 96/H/12 is against our order in ITA No 1521/H/11 dt 22.3.12 for AY 2008-09 in the case of Shri. Potla Nageswara Rao. The first ground seeking rectification is as under:- "The applicant submitted that as in the case of Smt. K. Radhika, in this case also the developer, the transferee has not performed his obligation and in fact the development agreement itself was cancelled later on 26/11/2011 as is evident from the material papers filed in paper book at pages 35 onwards. Further the applicant submitted that as in the case of Smt. K. Radhika there is a clause making time as essence of contract viz., clause 13 of development agreement which is at page 22 of the paper book as per which the developm....
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....es the first point for rectification is dismissed. 4. The second point or rectification is as under: " The applicant further submitted that there is another mistake in not considered the prayer to direct the AO to allow cost of the land which is not considered by the Hon'ble ITAT. The applicant invited kind attention to the written submissions at page 20 where summary of the prayer is made and where it is submitted that the AO has considered entire receipt to be capital gains without allowing cost of acquisition. The prayer was to direct for allowing deduction u/s 54F and cost of acquisition. The Hon'ble ITAT was kind enough to direct the AO to verify the claim of 54F in para 46 of the order." 5. We find from Para 46 of our order, we hav....
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....is MA is against ITA No 1523/H/11 for AY 2008-09 in the case of Shri. Potla Nishanth. The Tribunal in its order followed its own order in ITA 1521/H/11 for the same AY in the case of Shri. Potla nageswara rao. The present Assessee has now filed MA on the same issues as has been raised by Shri. Potla Nageswara rao in MA 96/H/12. The Assessee has prayed that the petition filed in 1521/H/11 may be treated as part of this petition. 10. The issues have been considered in detail in MA 96/H/12 supra. For the reasons stated in paragraphs 3 and 5 supra we dismiss the MA No 100/H/12 in ITA No 1522/H/11 for AY 2008-09 in the case of Shri.. Potla Nishanth. MA No 98/H/12 in ITA No 1529/H/11 for AY 2007-08 and MA99/H/12 in ITA No 1530/H/11 for AY 2008-....
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....sold by the Assessee is agricultural land and hence the profit arising therefrom is taxable as Short term Capital gains. The Revenue preferred an appeal against the order of the CIT(A) contending that as the land has been given for development it has lost its character as agricultural land. In para 83 of our order , the issue was remitted to the files of the AO to re-examine afresh whether the land can be classified as agricultural land and whether the land is beyond 8 Kms from any Municipality. 14. The issue on appeal before the tribunal was whether the profit on sale of land is exempt on the ground that the land was agricultural land situate beyond 13 kms from municipality. The basic issue to be decided is whether the land is agricultura....
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.... agricultural land situate beyond the prescribed distance from a Municipality. The exemptions will be applicable only if both the conditions are satisfied. The basic issue to be decided is whether the land will constitute a capital asset. If the tribunal is of the opinion that the lower authorities have not examined all the aspects to be complied before a relief can be granted, they cannot close the eyes and grant relief only on the issue raised by the revenue. In the circumstances we do not find any infirmity in our directions and accordingly we dismiss the MA filed by the Assessee. 16. In the result the Assessee's MA No 98/H/12 in ITA No 1529/H/11 for AY 2007-08 in the case of Kum Potla Shanthi is dismissed. MA No 99/H/12 in ITA No 1530....