TaxTMI 
TaxTMI 
2018 (3) TMI 1348
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....t to be capital gains under the act. ii. that the addition of Rs. 4128366/- representing income under the head of capital gains is bad in law. iii. in holding the land to be a capital asset, since it was situated with notified area of Taj Express Way Industrial Development Authority, in spite of its nature being mentioned as agriculture in revenue record. That the appellant craves leave to modify/amend or add any one or more grounds. 3. The case was reopened u/s 148 of I.T. Act, 1961 on the grounds that AIR information was received that the assessee has sold land for a stamp value of Rs. 1,10,08,000/- and the consideration received at Rs. 1,03,00,000,/-. The land was sold by the assessee jointly with another person and the assessee....
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....ing nature of land as agricultural in "land revenue records" coupled with Tehsil report disclosing its distance and continuance of agricultural operation but the Assessing Officer overlooked the fact that assessee perused all the documentary evidence as per his observation in the assessment order. There is no dispute that the land is classified in the revenue records as agricultural and is subject to payment of land revenue as per Khatauni filed by the assessee at assessment stage. There is also no dispute that the land was actually being used for agricultural purposes as per Tehsil report. There is also no dispute that its physical characteristic and surrounding situation indicate that the land is agricultural as per Tehsil report. There i....
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....there is no dispute that the land is classified in the revenue records as agricultural and is subject to payment of land revenue as per Khatauni filed by the assessee at assessment stage. There is also no dispute that the land was actually being used for agricultural purposes as per Tehsil report. There is also no dispute that its physical characteristic and surrounding situation indicate that the land is agricultural as per Tehsil report. There is also no dispute that the land was sold on acreage basis as per sale deed. There is also no doubt that the land was purchased and subsequently sold for agricultural purposes at the then prevailing fair market value. These appears to be correct and both the Assessing Officer as well as the CIT(A) i....