2015 (7) TMI 14

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2013 not on board. Mentioned. Upon mentioning, taken up on board along with Income Tax Appeal No.1582 of 2013. 2. These two appeals under Section 260A of the Income Tax Act, 1961 (the Act) challenge the common order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned common order pertains to the Assessment Years 2002-03 and 2003-04. 3. The Revenue has ur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssing Officer denied the benefit of exemption as agricultural income for both the Assessment Years. This on the ground that the Respondent-Assessee had not been able to show that agricultural land is owned by it. 5. In appeal, the Commissioner of Income Tax (Appeals) [CIT(A)] on consideration of facts concluded that the Respondent was in possession of the land in question for the cultivation of s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ultural land for cultivation to MSFC. In the above circumstances, the impugned order upheld the order of the CIT(A) and held that an amount of Rs. 32.69 lakhs and Rs. 35.13 lakhs for Assessment Years 2002-03 and 2003-04 are not liable to tax as they are agricultural income. 7. We find that the CIT(A) and the Tribunal have correctly recorded a finding of fact that the Respondent-Assessee did carry....