2019 (1) TMI 1845

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....09,77,775/-, in assessment order dt. 05/12/2011, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short 'the Act'). Heard both the parties reiterating their respective stands against and in support of the impugned LTCG addition. Case file perused. 2. We find at the outset that the CIT(A)'s detailed discussion affirming the Assessing Officer's action holding the assessee's land to be a capital asset giving rise to the impugned LTCG on transfer reads as under:- 3. We have heard rival contentions. Relevant case records comprising of the erstwhile Andhra Pradesh state government notification dt. 16/04/2017 merging 8 gram panchayats in the Greater Hyderabad Municipal Corporation (GHMC), copy of the city planner's letter dt. 22/03/201....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....)(III)(B) of the Act as applicable in the impugned Assessment Year. The taxpayer stand throughout is that its land is not a capital asset since it is situated beyond 8 Kms. distance of any municipality whereas the Revenue's case is that Mamidipally gram panchayat is adjacent to the GHMC limits. And also that is happens to be a hub of major economic activity including aviation sector. We find no merit in the latters stand based on the lower authority's respective findings. We make it clear first of all that there is no rebuttal coming from the department that the land in question has ever been converted from agricultural to non-agricultural use at any point of time before the sale in question. The state government's revenue records strongly ....