TaxTMI 
TaxTMI 
2019 (1) TMI 1262
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....g Term Capital Gain arising on sale of land. 2. The facts in brief are that a report was received from Additional DIT (Investigation), Unit-3, New Delhi that assessee along with his four brother had sold a land admeasuring 21 bighas 2 biswas, i.e., 4.39 acres at Village Chhawla. The said land was sold vide sale deed dated 05.07.2007 to M/s. Flying Realtors Pvt. Ltd. The land was sold for total consideration of Rs. 13,18,50,000/-, and the assessee received 1/5th share of the sale consideration which was Rs. 2,63,70,000/-. As per the Department, this was not an agricultural land albeit was urban land and hence same falls in the nature of capital asset chargeable to tax u/s.45. Since assessee has not filed his income tax return, therefore, as....
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....14)(iii) the Act. Ld Assessing Officer also carried out search in Google about the distance by road between the village Bamnoli, which was an urbanized village and village Chhawla and noted out that it was only 5 km from that village and thus, the land situated in village Chhawla is less than 8 Kms. In the meantime, the Assessing Officer had also made reference to the DVO who has stated that the Fair Market Value of property as on 01.04.1981 was Rs. 14,59,799/- and Rs. 3,78,651/- and based on this report, the Assessing Officer had computed the Long Term Capital Gain and thereby made an addition of Rs. 23,46,698/- after giving benefit of indexation and claim of exemption u/s. 54B. 3. Ld. CIT(A), not only rejected the assessee's challenge on....
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....pal Corporation and the population of the village was more than ten thousand. Accordingly, he confirmed the addition made by the Assessing Officer. 4. After hearing both the parties and on perusal of the relevant finding given in the impugned orders as well as material referred to before us at the time of hearing, I find that the only issue on merits is that, whether the land situated in village Chhawla sold by the assessee was an agricultural land situated in rural area or in the urban area. One very important fact which was brought to the notice before the ld. CIT(A) by the assessee was that, the village Chhawla was notified as urban area vide notification dated 17th May, 2017 by Gazette Notification passed by Government of National Ca....