2018 (1) TMI 401

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....espondent : Sri.P.K.R.Menon,Sr.Counsel, Goi(Taxes) And Sri.Jose Joseph, Sc, For Income Tax JUDGMENT Ashok Menon, J. This appeal arises from ITA No.484/Coch/2013 on the file of the Income Tax Appellate Tribunal, Cochin Bench dated 14-11-2014. Appellant challenges the concurrent findings of the first Appellate Authority and the Tribunal confirming the findings of the Assessing authority. Th....

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....epot on 20-08-2008. 2. The Assessing officer disregarding the objection of the assessee seeking exemption from taxation on the ground that it is an agricultural land, opined that no agricultural activities have taken place on the land. It was purchased in 2006 and after leveling, it was sold in 2008. Soon after the purchase, the assessee had left for Saudi Arabia and he could not have done any ....

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....ch as ITA 484/Coch/2013 and it was once again confirmed that the land in question was indisputably not an agricultural land, as per Annexure C. It is this finding, which is under challenge. 3. We heard the learned counsel for the appellant and the counsel appearing for Government of India (Taxes) and records were perused. 4. It is submitted by the learned counsel for the Appellant that there....

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....land on 16-08-2006 while he was still a Non-resident Indian and thereafter he did not do any agricultural operations on that land. After retaining it for about two years, he sold it to St.Antony's Timber Depot, Chevoor. In the meanwhile, he had also levelled the land by expending a sum of Rs. 1,75,000/-. Admittedly, he did not obtain the permission of the RBI under Section 47 of the Foreign Ex....