TaxTMI 
TaxTMI 
2020 (3) TMI 954
X X X X Extracts X X X X
X X X X Extracts X X X X
....s not an asset u/s 2(14) of I. T. Act. 2. The Ld. C.I.T. (A) fails to appreciate that only on a part of entire agriculture land the rice mill was installed. On remaining agriculture land, agriculture operations were carried out till the date of sale and it is incorrect that the land ceased to be agriculture land for I.T. purpose. 3. The addition confirmed is highly excessive, contrary to the facts, law and principle of natural justice and without providing sufficient time and opportunity to have its say on the reasons relied upon by him. 2. During the year, the assessee sold land measuring 1.425 hectares. On about 8800 sq. ft. of this land, a rice mill was located. On query from the Assessing Officer, the assessee submi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... CIT(A) confirmed the assessment order. Aggrieved, the assessee is in further appeal before us. 5. Before us, the ld. Counsel for the assessee has contended that the authorities below have failed to consider that the land under consideration was an agricultural land and not an asset under section 2(14) of the Act; that it was only on a part of the entire agricultural land, that the rice mill stood installed; that it was also not appreciated that on the remaining agricultural land, agricultural operations had been carried out till the date of sale and that the land had not ceased to be an agricultural land; and that in fact, the land use was changed in the subsequent year. 6. Per contra, the ld. D.R. has placed strong reliance on th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lled in an area of approximately 15000 sq. ft. APB:7&8 is a copy of the Khatauni, showing agricultural operations in the aforesaid gata nos. 748 and 751, over an area of 1.2050 + 0.2200 hectares. Thus, agricultural operations have been depicted over a total area of 1.4250 hectares, which comprises the total land belonging to and sold by the assessee. 9. In the sale deed (APB:11-37), dated 28/5/2010, the rice mill is shown to exist over 8800 sq. ft. Further, as per the order (APB:10) of the Tehsildar, Bhu Rajsva stands deposited for the years 2008 to 2011. 10. In view of the Khatauni/Khasra, the presumption with regard to which revenue record has not even been referred to, much less rebutted by either of the taxing authorities, and Teh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....al cost of acquisition Rs. 8,48,609.00 X 9500 Rs. 52,577.00 Total area 153331 sq.ft. Long term capital gain taxable Rs. 3,88,873.00 13. As per the revenue record, as above, the crops of wheat and paddy are cultivated on the agricultural land. There is no adverse finding recorded by the either of the authorities below qua this, though, without basis and in oblivion of this revenue record, the Assessing Officer observed that no agricultural activity was carried out. Even in the sale deed, at page 12 (APB:22) thereof, the factum of carrying on of agricultural activities, is noted. 14. Further, the sale deed is dated 28/5/2010. The conversion of the land for non-agricultural purposes was applied for o....