TaxTMI 
TaxTMI 
TaxTMI 
2017 (12) TMI 1637
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.... George, Adv. & Shri D.Palanivel, Adv., represented on behalf of the assessee. 3. It was submitted by the Ld.AR that there was a survey operation on the assessee on 05.06.2012. In the course of survey, it was noticed that the assessee along with his brother Shri M.A.Antony and another person Shri A.K.Thilakan had entered into an agreement for the sale of certain lands at Kelambakkam with M/s.Vijayshanti Builders Ltd., on 21.08.2006 and had received sale consideration of Rs. 8,72,90,000/- resulting a capital gains of Rs. 8,61,41,416/-. Since the assessee had not admitted any capital gains for the AY 2007-08, the assessment was re-opened. It was submitted by the Ld.AR that the assessee had purchased agricultural land situated at No.46, Thaiy....
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....51 is the Adangal in which Kist rate 329 towards single crop has been levied. Page Nos.52 & 53 similarly is in respect of the agricultural land held by Shri A.K.Thilakan showing a Kist tax of 333 and 39 towards single crop and double crop. Page Nos.54 & 55 in respect of Shri A. Lalichan balance area 0.46.5, at Page No.58 is the receipt issued to Shri A. Lalichan. Page No.62-63 is a distance from the land to Chinglepet shown at 25.3 kms and to Kancheepuram District 64.1 kms. Page No.64 is the census in respect of Chinglepet Taluk Kancheepuram District showing the total population at 7609. It was a submission that Chitta & Adangal representing the Revenue Records in respect of the land sold by the assessee clearly showed that the land sold by....
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....aving sold agricultural land, the same was not liable for capital gains and the agricultural land which had been sold could not be treated as a capital asset u/s.2(14) of the Act. 4. In reply, the Ld.DR vehemently supported the order of the AO & the Ld.CIT(A). He reiterated the stand of the AO as mentioned in the Assessment Order. It was submitted by the Ld.DR that the Sale Agreement was not a Joint Development Agreement. The Ld.DR drew our attention to Page No.87 of the Paper Book to submit that even in the computation in the Receipts & Payments Account, no expenditure has been claimed by the assessee towards agricultural operations for the relevant assessment years. The Ld.DR drew our attention to Page No.66- 76 of the Paper Book which i....
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.... or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh. Explanation- For the purposes of this sub-clause, "population" means the population according to the last preceding census of which the relevant figures have been published before the first day of the previous year; 6. Thus, whet....