AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (7) TMI 956
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....ter referred to as the 'Act'). 2. The Grounds of appeal raised by the assessee are as follows: "1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of assessing officer in making addition of Rs.68,03,622/- as long term capital gain. 2. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of assessing officer in not allowing deduction u/s 54B and 54F of the I.T. Act, 1961. 3. It is therefore prayed that above addition made by assessing officer and confirmed by commissioner of Income-tax (Appeals) may please be deleted. 4. ....
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....of the Act and u/s 54F of the Act. Therefore, aggrieved by the order of the Assessing Officer ( being denial of exemption u/s 54B of the Act and u/s 54F of the Act), the assessee carried the mater in appeal before the ld. CIT(A), who has confirmed the action of the Assessing Officer. Aggrieved, the assessee is in further appeal before us. 5. Learned Counsel for the assessee, submitted before the Bench the documents and evidences for claim of exemption u/s 54B and 54F of the Act and contended that Assessing Officer has not examined the agreement and the issue for investment in another agricultural land to claim the deduction under section 54B of the Act. The assessing officer also not examined the evidences relating to exemption u/s 54F of ....
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.... officer is not valid because intention of legislature is that assessees should purchase another agricultural land if he wants to claim exemption on sale of agricultural land. In the instant case, assessee has purchased another agricultural land and merely on the basis of date of execution of document, adverse inference cannot be drawn. Hence, assessee is eligible for exemption under section 54f of the Act, 1961. 7. Further with regard to contention of assessing officer that assessee has not claimed anything in his return of income it is submitted that during the course of assessment proceedings, assessing officer is supposed to determine the true income of assessee and should give deductions which are allowable under the Income Tax Act. ....
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....ed the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We have heard both the parties and carefully gone through the submissions put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that solitary grievance of the assessee is that assessing officer has not examined the documents and evidences submitted by the assessee. We note that Ld. Counsel for the assessee submitted before us the satakhat (agreement) and contended that the land was purchased on 02.10.2006 and date of sale of land....
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....has failed to satisfy the basic conditions to claim exemption under section 54B of the Act. However, considering the above facts, we note that these basic conditions have not been examined by the assessing officer in right perspective. Hon`ble Supreme Court in the case of Parimisetti Seetharamamma [1965] 57 ITR 532 at page 536, held as follows: "It is no doubt true that in all cases in which a receipt is sought to be taxed as income, the burden lies on the Department to prove that it is within the taxing provision and if a receipt is in the nature of income, the burden of proving that it is not taxable because it falls within exemption provided by the Act lies upon the assessee." We note that assessee has furnished the relevant documents....