2016 (4) TMI 941

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....ember For the Appellant : Shri P. Dam Kanunjna, Senior DR For the Respondent : Shri Somil Aggarwal, Advocate   ORDER Per G. D. Agrawal, VP This appeal by the Revenue for the assessment year 2000-01 is directed against the order of learned CIT(A), Rohtak dated 18th November, 2008. 2. The only ground raised by the Revenue reads as under:- "On the facts and in the circums....

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....ure operation is carried on such land, then it will not be an asset for the purpose of wealth tax. He also referred to the assessee's reply furnished before the Assessing Officer wherein the assessee has clearly mentioned that the land is used for agricultural purposes and, as per revenue record, it is agricultural land. He submitted that the above facts stated before the Assessing Officer have no....

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....or (ii) in any area within the distance, measured aerially, - (I) not being more than two kilometers, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometers, from the local limits of any municipality or cantonment board referred t....

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....by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him." 7. From the above, it is evident that as per proviso to clause (b) of Section 2(ea), the land which is classified as agricultural land in the record of the government and used for agricultural purposes will not be considered as an asset for the purpose of wealth tax. In ....