2015 (1) TMI 1472

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.... Rajat Mitra, DR. ORDER PER B. RAMAKOTAIAH, A.M. : This is an assessee's appeal filed against the order of the Commissioner of Income Tax(Appeals)-III, Hyderabad dated 04-06-2014 on the issue of taxation of capital gains on sale of agricultural land pertaining to assessee. 2. Briefly stated, assessee stated to be an illiterate and eking out his lively-hood by raring cattle owns a s....

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.... Officer that the deal was finalized through brokers. He got only Rs. 11,00,000/- and has discharged certain family liabilities and also purchased agricultural land of 20 guntas. Assessing Officer issued further notices and called for details. As there was no response, he has completed the assessment considering the price stated to have been paid by the purchaser as income of assessee, without com....

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....portunity and Ld. Counsel relied on various documents placed on the Paper Book. Ld. DR however, relied on the orders of the authorities. 5. Having considered the rival contentions and perusing the orders of the authorities and the documents placed on record, we are unable to understand how the Assessing Officer can determine the sale price as income of assessee. Moreover, assessee was not aware....

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....also required to be determined. Not only that, 1/4th of the share of the property, as can be seen from the recitals of the sale deed, pertain to his son who also became vendor No.2. When the sale deed is very clear about respective shares, how the entire amount can be brought to tax in the hands of assessee was also not explained by the Assessing Officer. Further, document of sale indicates that t....