2023 (4) TMI 111

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....35728(1), dated 27/03/2021 for the AY 2015-16. 2. Brief facts of the case are that the assessee is an individual, filed his return of income for the AY 2015-16 admitting a total income of Rs.3,69,300/- and agricultural income of Rs. 1,25,000/-, on 01/03/2016. The assessee is running a business / trade in "Cashew Nuts" in the name and style of "Maranatha Cashew and Generals". The case was selected for limited scrutiny under CASS with a reason to examine "Low Capital Gain with respect to sale consideration (higher of AIR and ITR)". The Ld. AO issued notice U/s. 143(2) of the Act on 29/7/2016 and the same was served on 7/8/2016. Due to change of incumbent, another notice U/s. 143(2) r.w.s 129 was issued and served on the assessee. Further, ....

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....ne month and considered that the Ld. AO has not rejected the claim of the assessee in the absence of documentary evidence. The Ld. Pr. CIT issued a show cause notice dated 12/2/2020 for which the assessee submitted its reply on 23/2/2020. Considering the submissions made by the assessee, the Ld. Pr. CIT found that the assessee purchased agricultural land admeasuring 6.69 Acrs on 14/07/2014 for Rs.33,45,00/- and sold the same for a consideration of Rs. 2,25,59,000/- on 5/8/2014. Further, the Ld. Pr. CIT also observed that the assessee has purchased another piece of agricultural land admeasuring 4.47 Acres for Rs. 61,00,000/- on 14/8/2014 and sold the same for a consideration of Rs. 1,10,53,000/- on 19/8/2014. From the submissions made by the....

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....paper book filed by him submitted the translated copies of the sale deeds and purchase deeds for the land bought and sold by the assessee wherein the Ld. AR stated that it is an agricultural land as mentioned in the sale deeds and purchase deeds. The Ld. AR further referred to notice of the Ld. AO dated 1/12/2017 wherein he has acknowledged the submissions of the purchase and sale deed copies for his consideration. The Ld. AR further submitted that these documents have been considered and examined by the Ld. AO and therefore Ld. Pr. CIT cannot consider the assessment order as erroneous and prejudicial to the interests of the Revenue merely on the basis of change of opinion on the treatment of capital gains. The Ld. AR therefore pleaded that....