TaxTMI 
TaxTMI 
2023 (2) TMI 83
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....see has filed a petition for condonation of the delay in the form of an affidavit, to which; the ld. DR has not raised any serious objection. Consequently, since the assessee was prevented by sufficient cause, the delay of two days in filing of the appeal stands condoned and the appeal is admitted for adjudication. 3. Brief facts of the case are that in this case assessment under section 143(3) of the Income Tax Act, 1961 was completed on 21.03.2016. The assessee is a Non-Resident sold a capital asset on 08.01.2013 in which the assessee' share of sale consideration was Rs..3,70,00,000/-. After adjusting the indexed cost of acquisition and improvement, brokerage and expenses in connection with sale, the long term capital gain was computed t....
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....other relevant documents and decide the issue afresh in accordance with law. 4. In pursuance to the directions of the ITAT, considering the submissions of the assessee as called for and filed by the assessee and also considering the judgement of the Hon'ble Madras High Court in the case of PCIT v. A. Lalichan in T.C.A. No. 504 of 2018 dated 11.10.2018, the Assessing Officer issued a notice proposing to disallow the claim of deduction under section 54B of the Act. After considering the submissions of the assessee and also in view of the decision in the case of PCIT v. A. Lalichan (supra), the Assessing Officer has concluded that the property sold by the assessee is not an agricultural land and no agricultural activity was carried on the sai....
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....ece of land and the same was sold in which assessee's share of sale consideration was Rs..3,70,00,000/- and the assessee has claimed exemption under section 54B of the Act on the ground that the land was used for agricultural purposes for many years. He also submitted that the adangal clearly shows that there are coconut trees. The case of the Assessing Officer is that to claim benefit under section 54B of the Act, the assessee has to satisfy first condition that prior to the date of sale, the assessee should carry agricultural operation except, adangal, there is no evidence to show that the assessee carried agricultural operation and denied the claim of deduction under section 54B of the Act. On appeal, the ld. CIT(A) decided the issue in ....