2014 (5) TMI 320

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....of section 45(5) and without appreciating the findings of the Assessing Officer in the assessment order? (B) Whether the Appellate Tribunal has not appreciated the fact that the assessee has not furnished evidences regarding fulfillment of all the conditions laid down in section 10(37) of the Income-tax Act, 1961? (C) Whether the Appellate Tribunal has substantially erred in holding that the assessee is eligible for exemption u/s. 10(37) of the Act, even if the assessee himself was not doing the agricultural operations, despite the specific condition that the agricultural operations should be done by such HUF or individual or parents of his in section 10(37)? 2. We have heard learned counsel for the Revenue and examined the material on r....

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....ng provision for collection of capital gains on transfer of capital assets. 7. Section 10(37), however, grants exemption from payment of capital gains on transfer of agricultural land under certain circumstances. Section 10(37) reads as under: 10(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head Capital gains arising from the transfer of agricultural land, where (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of....