TaxTMI 
TaxTMI 
2016 (6) TMI 1246
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....ce, the same is dismissed. Ground no.2 is with regard to the addition u/s 14A of the Act. This ground was not pressed by the ld counsel for the assessee in the course of hearing of this appeal and hence the same is dismissed, as not pressed. The surviving sole ground and its sub-grounds read as follow: " Ground No.1: i)The ld CIT (A) has erred in dismissing the appellant's claim that profit of Rs. 24,26,299/- on sale of agricultural land situated in Panchayat Limit which is not notified is fully exempt as agricultural land is excluded from the definition of "capital asset" under section 2(14) (iii)." ii) without prejudice to the above ground, the ld CIT(A) ought to have allowed at least the profit arising on conversion of agricultural....
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.... was liable for taxation. The relevant findings of the Tribunal read as under: "5. We have considered the rival submissions on either side and also perused the material available on record. The assessee claims that it purchased 512 cents of agricultural land for the purpose of expansion of its factory. It is not in dispute that it was a rubber plantation. The assessee claims that an income of Rs. 2,50,000 was returned as agricultural income from the agricultural activity. From the material available on record it appears that a resolution was passed on 15-03-2005 for purchase of 512cents of land for expansion of the factory. As per this resolution, the land was purchased on 29-03- 2005. Within a period of six months, i.e. on 19-09-2006 ano....
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....p; Sd/- with date 20/10/10 Kadayiruppu &nbs....
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....5 and 324/6 there is no material available on record to suggest that it was agricultural land. The resurvey Nos. 299/4, 324/5,324/6 and 299/2 are omitted in the certificate said to be issued by the village officer. Furthermore, the admitted case of the assessee is that part of the land to the extent of 188 cents of and was sold to various persons on 27-03-2007. If that is so, it is not known which survey number of the land that was said to be sold. If any part of the land is sold in resurvey Nos. 324/1, 324/2, 324/3 & 324/4 then the assessee cannot own the entire land as on 20-10-2010 when the village officer issued the certificate. If that is so, it is not known under what capacity the village officer issued the certificate saying that the....