2014 (3) TMI 1212

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....hure, Adv. for respondents 1 and 2. ORDER Heard Advocate Bhattad for the petitioner and Advocate Parchure for respondents 1 and 2. The dispute is about propriety of allowance of exemption under Section 54­B for the assessment year 2006 - 2007. It is not in dispute that as yet assessment proceedings are not closed. However, Advocate Bhattad has pointed that insofar as the grant of allowan....

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....Mtrs. He states that it has been sold as agricultural land only and it was never converted and put to non­agricultural purposes. Advocate Parchure states that as land was in urban agglomeration and covered under the Urban Land Ceilings Act, for the purposes of Income Tax act, the same cannot be accepted as agricultural land. He further points out that a development scheme was also sanctioned....