2023 (4) TMI 572

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....ddl. CIT ORDER PER MANJUNATHA. G, ACCOUNTANT MEMBER: This appeal filed by the assessee is directed against the order passed by the Commissioner of Income Tax (Appeals)-7, Chennai, dated 27.08.2019 and pertains to assessment year 2013-14. 2. The assessee has raised the following grounds of appeal: "1. The order dated 27.06.2019 of the Learned CIT(A)- 7, Chennai in ITA No.60/CIT-A-7/ 2018-19....

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....ngs, the AO noticed that the assessee has sold an immovable property along with other co-owners for a consideration of Rs. 3,11,30,400/-. However, in the return of income, assessee has admitted consideration of Rs. 25 lakhs only. Therefore, the AO by taking note of details of sale consideration received for transfer of property adopted assessee's share of consideration at Rs. 51,88,400/- and compu....

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....e ld. CIT(A), after considering relevant submissions of the assessee and also taken note of relevant facts, opined that land sold by the assessee is not an agricultural land, because the assessee could not file any evidence to prove that the said land is agricultural land, which is situated beyond 8 kms from the limits of local municipality. However, directed the AO to allow the benefit of deducti....