2014 (1) TMI 1404

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.... 3. Remanding the matter to the Assessing Officer to verify assessee's share in the properties on the basis of any formal settlement deed, if any, without considering the fact that the assessee was governed by Portuguese Civil Code of 1986 & accordingly, income of the assessee had to be computed in terms of S. 5A of I.T. Act, 1961." 3. At the outset it may not noticed that this appeal is barred by limitation by one day. The assessee filed an affidavit alongwith reasons for the delay in filing the appeal. Since the assessee has sufficient cause, the delay of one day is condoned and the appeal is admitted. 4. Though notice was sent to the assessee by registered post, at the address given in Form No. 36, the same was returned unserved....

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.... of Sanguem Municipal Council, which is classified as 'C' class municipal area under the Goan law and the said village has a population of less than 10000 and it is 25 kms away from the boundary of Madgaon Municipality, which is a notified municipality under section 2(14) of the Income Tax Act. In other words, the said plots of land are not covered by municipal area and hence they cannot be treated as 'capital assets'. Accordingly any gain upon transfer of the said land is exempt as the said gain from the agricultural land is not taxable. It is also submitted that though the assessee, through oversight, declared it as capital gain/loss in the income tax return, it was explained before the AO that the same are pieces of agricultural land and....

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.... as well as the CIT(A) and also directed him to furnish written submissions but the learned D.R. has furnished no written submissions till date. He, however, relied upon the orders passed by the tax authorities. 9. At the time of hearing the Bench wanted certain clarifications with regard to the fact as to whether the Sanguem Municipal Council is a notified municipal area or not since much emphasis was laid by the CIT(A) on that aspect. The claim of the assessee that the population therein is less than 10000 and it is beyond 25 kms from the notified area was not controverted by the learned D.R. by placing any material on record. The case of the assessee was that as per the peculiar laws of Goa, pieces of agricultural land are sold to the....