2014 (4) TMI 564

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.... 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal ("the tribunal" for short) dated 25.10.2013 raising following questions for our consideration : "A) Whether the Appellate Tribunal has substantially erred in considering the LTCG of Rs.1.49 crores due to compulsory acquisition of land as exempt u/s 10(37) in contravention of the provisions of section 45(5) an....

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....d. The assessee relied on section 10(37) of the Income Tax Act, 1961 which reliance was accepted by the tribunal. The tribunal held that only ground on which CIT(Appeals) held against the assessee was that he was staying away from agricultural lands and that he was engaged in the business. The tribunal held that neither of these two conditions would be sufficient to deny benefit under section 10(3....

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....vided family or individual or a parent of his; (iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India; (iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004. ....

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....ion, neither of these two facts, either in isolation or cumulatively, would be sufficient to hold that such land was not being used for agricultural purposes by the assessee. The concept of personal cultivation as accepted in agricultural land tenancy laws also recognizes, as can be seen from the statutory provisions contained in the Bombay Tenancy and Agricultural Lands Act, 1948, cultivation of ....