TaxTMI 
TaxTMI 
2019 (11) TMI 925
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....ssee's behest. The registry has already sent an RPAD notice dated 09.07.2019. He is accordingly posted ex parte. 2. The assessee's former two substantive grounds challeng correctness of both the lower authorities action treating his income from sale of alleged agricultural land amounting to Rs.93,29,222/- as capital gains resulting in addition of Rs.51,50,550/- after invoking sec. 50C of the Act. 3. The CIT(A)'s detailed discussion qua this former issue reads as under:- "Grounds-1&2, These grounds of appeal as raised by the assessee against the order of the Assessing Officer are as under:- * 'That the: Learned assessing officer was not justified in adding the income of Rs. 9329222/- claimed as exempt income ....
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....be out of the purview for Capital Gain tax and thus section 50C will not be applicable on such sale of land. In a recent appellate tribunal decision, Income tax tribunal Hyderbad vide order dated 30/08/2013 in ITA No.1715 between RAJENDRA PERSHAD TEJPRAKASH VS ITC WARD 9(2) HYDERABAD held that sale of agricultural and will not be taxable as capital gain under the Income tax Act. In view of the above, the additions of Rs. 9329222, being profit on sale of agricultural land, and Rs. 5150550, being capital gain under provisions of section 50C added by the assessing office be deleted, as the profit from such sale of agricultural land is Capital receipt and not taxable under any provisions of the Income Tax Act, 1961." I ....
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....trar's letter before the Assessing Officer (supra) made it clear that the land in issue had been not been put agricultural but industrial use. We find no merit in the Revenue's instant arguments. The assessee's detailed paper book running into 216 pages and more particularly up to pages 1 to 132 reveals that the land in issue in sale had been shown as agricultural as per the relevant records as on 26.02.2019 (pages 88 to 97). Coupled with this, we find that this is not also the Revenue's case that the land itself during assessee's possession had ever been converted to industrial use. Hon'ble Bombay high court's decision in CIT vs. Debbie Alemao and 2. Joaquim Alemao (2011) 331 ITR 59 (Bom) holds that it is nowhere necessary for an asses....
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....per individual balance sheet of the assessee, he has been shown under the head unsecured loan. The AR of the assessee has submitted that the assessee has received temporary advance of Rs. 60 Lacs from M/s space Martix Pvt Ltd to meet short term cash requirements. The assessee has admitted that amount was given to director and it was not for business purpose. It was a loan and if it was advance than the purpose has not been explained either during the assessment proceeding or appellate proceeding. In view of above, the order of the AO is upheld and this ground of appeal is dismissed." Mr. Halder's argument in support of the impugned addition is that the assessee could not prove any arrangement in support of the impugned temporary advance ....