2023 (10) TMI 367

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....or the Revenue : Shri P.P. Barman, Addl. CIT,Sr. D.R., ORDER PER SHRI RAJESH KUMAR, ACCOUNTANT MEMBER:- The assessee is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax(Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 15.12.2022 passed under section 250 of the Income Tax Act, 1961 for A.Y. 2014-15. 2. The only issue raised by the assessee i....

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....Rs. 91,62,720/- on which TDS of Rs. 9,18,270/- was deducted. The assessee claimed that the said land was used for agricultural purposes prior to the date of acquisition i.e. 12.04.2012 and therefore the capital gain arising from the said acquisition is exempt from tax u/s 10(37) of the Act. The statutory notices were duly issued and served upon the assessee. According to the ld. Assessing Officer,....

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....e material placed before us, we find that the assessee has received compensation of Rs. 91,62,720/- on which TDS of Rs. 9,16,272/- was deducted. The assessee filed the return for obtaining the refund of TDS deducted from the said compensation on the ground that capital gain arising from the sale of impugned asset is not taxable within the meaning of section 10(37) of the Act as the land was agricu....

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....d acquired in the year 2012. We have also perused the details of land to be 'Dhanattar, which means that the land was used for growing rice. After appreciating all these facts, we are satisfied that the impugned land was agricultural land and was being used for agricultural operations prior to the date of acquisition during two years prior to acquisition. Accordingly, the conditions as envisaged u....