TaxTMI 
TaxTMI 
2015 (10) TMI 926
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....ll the three assessees. 2. The brief facts as emanating from the records are as under: The assessees during the period relevant to the AY under consideration, sold agriculture land along with standing trees. In the return of income, the assessees claimed exemption u/s.54B of the Income Tax Act, 1961 (herein after referred to as 'the Act') on account of purchase of new agriculture land from the sale proceeds of agriculture land. The assessment in case of all the assessees was made u/s.143(3). The Assessing Officer while making assessment in case of Kumari Devisankari Chokalingam (ITA No.2223/2013) and S. Chokalingam (ITA No.2224/2013) held, that the number of trees as mentioned by the assessees in deed of sale appears to be highly exaggerat....
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....computation filed by the assessee. Aggrieved by the assessment order, the assessees carried appeal to the CIT(Appeals). The CIT(Appeals) reversed the findings of the Assessing Officer with regard to the estimations made by him in respect of sale of standing trees. As regards the findings of the Assessing Officer for dis-allowing exemption u/s.54B, the CIT(Appeals) upheld the same. The CIT(Appeals) also endorsed the action of Assessing Officer in rejecting the revised computation filed by the assessees. Now, before the Tribunal, both assessee and Revenue have come in appeal assailing the findings of the First Appellate Authority. 3. Shri B.Ramakrishnan, appearing on behalf of the assessees submitted that the authorities below have erred in....
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.... ld.DR submitted that for revising the claim, the assessees should have filed revised return of income, but no revised return was filed by the assessees. The Assessing Officer has no power to consider fresh claim at the time of assessment except by way of revised return filed in accordance with the provisions of the Act. 5. We have heard the submissions made by the representatives of both the sides. From the submissions and the pleadings of the rival parties, issues which have come up before us for adjudication are as under: a. Whether the CIT(Appeals) has erred in accepting the entire claim of the assessees with regard to sale of standing trees as agriculture income? ; b. Whether the revised computation filed by the assessees at the tim....
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...., the Assessing Officer in his comments to para No.6a to 6f has stated that "sale deed executed has been promptly registered and the value of the said land and trees have been arrived based on relevant market value. Hence, the assessees claim may be accepted". In view of specific admission in the remand report by the Assessing Officer and the detailed findings of the CIT(Appeals) on the issue, we do not find any merit in the appeals of the Revenue. Accordingly, the same are dismissed. 7. The second question which arises for consideration is, Whether the Assessing Officer can consider the revised computation of income at the time of assessment? The assessees have sold agriculture land. This fact has not been disputed by the Assessing Office....