2018 (11) TMI 1337

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng substantial questions of law:- A. Whether the Hon'ble Income Tax Appellate Tribunal has erred both in law and on facts in upholding the decision of Commission Income Tax (Appeals) where the ld. Commissioner Income Tax (Appeals) has treated the sale of agriculture land as long term capital gain tax and made an addition of Rs. 77,95,760/- to the returned income tax of the assessee. B. Whether the Hon'ble Income Tax Appellate Tribunal has erred both in law and on facts in upholding the decision of Commissioner Income Tax (Appeals) and treating the agricultural land situated in rural area approximately 4 kilometres away from outer limits of municipality as capital asset in terms of section 2(14(iii) of the Income Tax Act, 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... while adjudicating the controversy in dispute. Even under the provisions of Section 2(14) of the Act the agricultural land is excluded from the scope of definition of the capital asset. 4. We have heard the learned counsel for the appellant and perused the paper book. 5. A perusal of the records shows that the Assessing Officer found that the agricultural land sold by the assessee was situated within 4 kms of the municipal limits of Thanesar City. According to notification of the Central Government, the agricultural land situated beyond 5 kms of the municipal limits was liable to be excluded from the definition of capital asset chargeable to tax. On that basis, the Assessing Officer came to the conclusion that the land of the assesse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the case, can the legal claim arising out of undisputed fact can be raised at any stage of case proceedings pursuant to the judgment of National Thermal Co. Ltd. vs. CIT (1998) 229 ITR 383 (SC)?" 8. We proceed to decide CM No.23847-CII of 2018 wherein additional substantial questions of law have been claimed. In so far as additional substantial questions of law at Sr.No.(II) is concerned, there is no dispute with regard to the proposition of law enunciated therein. However, the applicability of the legal position is required to be examined in the facts and circumstances of each case. In the present case, the assesseeappellant having lost before the Assessing Officer, CIT(A), and the Tribunal has now sought to raise an issue that the ....