2020 (1) TMI 298

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....ng the deletion by the CIT(A) of the addition of Rs. 3,39,49,274/- by the AO on account disallowances of deduction u/s 54B of the Act.? 2. Whether on points of law and on facts & circumstances of the case, the Hon'ble ITAT was justified in confirming the order of Ld. CIT(A), thereby ignoring the evidence brought on record by the AO that the no agricultural activity was done on impugned land prior to sale of the land? 3. Whether on points of law and on facts & circumstances of the case, the Hon'ble ITAT was justified in confirming the order of CIT(A), who having concurrent powers of the AO u/s 250(4) of the Act, has deleted the addition of Rs. 3,39,49,274/- made by the AO thereby relying on the submission of the ass....

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....rder Annexure A/3, dated 27.03.2014. The stand taken by the Assessee with regard to the contents in the return was repelled and the Assessing Officer found that the Assessee was not entitled to have the benefit under Section 54B of the Income Tax Act insofar as there was no agricultural operation in the land concerned which was subjected to sale within the prescribed period of two years prior to the date of sale. 4. According to the learned Standing Counsel, the factual aspect in this regard was substantiated by calling for a report from the Patwari who certified that there was no agricultural operation within the stipulated period. It was accordingly that a finding was rendered by the Assessing Officer that no exemption could be granted....