TaxTMI 
TaxTMI 
TaxTMI 
2018 (2) TMI 268
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.... of convenience, they were heard together and are disposed off by the consolidated order and we take the appeal for the assessment year 2008-09 and facts narrated therein for our adjudication and our decision will apply mutatis-mutandis to the assessment year 2010-2011. 3. Followings are the Grounds of appeal raised for the assessment year 2008-09 as under: "1. In the facts and circumstances of the case and in law, the CIT(A) erred in confirming the addition of Rs. 1,37,72,502/- made by the AO on account of long term capital gain holding that the land sold by the appellant was a capital asset within the meaning of section 2(14) and the gain on transfer thereof is assessable to capital gains. The finding recorded by the AO and CIT(A) is i....
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....Act and the parties were heard. In support of the claim that the land is agricultural land, the assessee filed copy of certificate dated 24.9.2008 issued by Dy. Manager(Lan), NRDA, Raipur and also copy of certificate dated 20.2.2012 issued by Patwari, Halka No.16, Mandir Hasod and also filed copy of extract of Nayee Rajadhani Kshetra Vikas Pradhikaran (New Capital Area Development Authority, action plan 2006 and prospects of gram Panchayat and village Chhatauna, in respect of situation of agricultural land and assessee further submitted that the area is not under the coverage of Muncipal area and is situated beyond 8 kilometres from the Raipur. The assessee to support its claim of agricultural land relied on the decision of Hon'ble Madras H....
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....s. With these above observations, the Assessing officer is of the opinion that the assessee is not entitled for exemption of the capital gains claimed at Rs. 1,37,72,502/- and assessed the total income at Rs. 1,84,35,350/- and passed order u/s147 of the Act dated 20.3.2009. 5. Aggrieved with the assessment order, the assessee filed appeal before the CIT(A) and the ld A.R. relied on the grounds of appeal and also the assessee furnished additional evidences. The CIT(A) held that the evidences were not submitted before the Assessing officer, hence referred to the Assessing officer for his comments. Whereas the Assessing Officer filed remand report with the submission and findings that the land transferred was a capital asset and the gain on t....
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.... book filed before the Tribunal. Ld A.R. submitted his arguments in the paper book alongwith copy of land pass book to substantiate the holding of the land by the assessee and drew attention to page 103 of PB, wherein, the Patwari Certificate was issued dated 20.2.2013 stating that the land is situated 9 kms away from the Muncipality and also referred to certificate dated 24.9.2008 of Dy.Manager (Land), Raipur Development Authority, placed at page 104 of PB, certifying that the said agricultural land is situated outside the Municipality Area. Ld A.R. further drew our attention to the Income tax returns filed by the assessee and computation of income for the earlier assessment years referred at page 76 to 101 of PB and also demonstrated the ....
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....ed beyond 8 kms., therefore, the direction of the learned CIT(A) that the surplus may be treated as business income, has become now meaningless. Even and otherwise, this issue is also decided by various High Courts including the Hon'ble Bombay High Court. Though learned CIT(A) has placed reliance on the decision of the Hon'ble Bombay High Court in case of Gopal Ramnarayan Kasat, reported in 9 Taxman.com 236 (Bom), however, in a latest decision the Hon'ble Bombay High Court in the case of CIT Vs. Smt. Debbie Alemao, reported in (2011) 331 ITR 59, has held that the land which was shown as agricultural land in the revenue records and never sought to be used for non-agricultural purposes by the assessee till it was sold has to be treated as agr....