TaxTMI 
TaxTMI 
2025 (7) TMI 884
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....undred seventeen days). An application for condonation of delay has been filed by the ITO Ward 2(2) Muktsar stating that on account of some technical glitch in the system, the order passed by the ld. CIT(A) dated 18.12.2023 was not visible on the ITBA system. Subsequently pursuing the recovery of tax under the high demand category, the status of pending appeal was checked on the ITBA Portal and it came to knowledge of the AO that the ld. CIT(A) has already passed the order deciding the case in favour of the assessee. Thereafter necessary procedure has been followed by the AO for filing of second appeal and approval has been obtained from higher authorities on 29.05.2024 and the appeal has been filed before the Tribunal on 12.06.2024 belated....
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....or amend any ground of appeal before the appeal is finally heard or disposed off." 4. Brief facts emerging from record are that the assessee is an agriculturist and is about 92 years old, and his source of income is only from agricultural activities carried out on ancestral agricultural land. During the F.Y. 2011-12 the assessee has sold his agricultural land measuring 23 kanal and 2 marla vide registered deed of sale dated 09.12.2011 and on 12.12.2011 for an amount of Rs. 3.72 crores. From sale proceeds of this agricultural land the assessee purchased another land in the name of himself and other family members and claimed deduction u/s 54B of the Act. It is however, noted by the AO that the assessee has claimed to have sold the agricul....
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.... The said land was being used for agriculture from the year 2006-07 upto the date of sale. The said land was sold at Rs. 1,36,00,000/- per acre and the total sale consideration for 23 Kanai 2 Marla is Rs. 3,92,70,000/-. The Assessing Officer observed that as per information available, the Assessee had made cash deposit of Rs. 27,00,000/- in his bank account. Since, the Assessee had not filed the Return of Income, the Assessing Officer after recording reasons and obtaining approval of PCIT issued a notice u/s 148. In response to the notice the Assessee filed Return of Income on 27.04.2019 declaring agricultural income of Rs. 1,92,580/- and nil taxable income. 3.1 The Assessing Officer on scrutinising the sale deeds of the land....
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....n the two years immediately preceding the date on which the transfer took place, is utilised for purchase of any other land for being used for agricultural purposes then the Assessee is entitled to benefit of deduction of the amount so invested. The Assessing Officer's interpretation that the benefit of section 54B is available on the sale of agricultural land is not correct. The benefit of section 54B is available for any land which is utilised for the purpose of agriculture for at least two years immediately preceding the date on which the transfer took place. In the instant case it is not disputed that the appellant was cultivating the said land. The appellant in his written submissions has produced the revenue record as proof of doing a....
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....ay please be restored. 7. Per contra, the ld. AR of the assessee submitted that the assessee has sold agriculture land measuring 23 kanal 2 marla on 12.12.2011 for Rs. 3.72 crore and subsequently the assessee has purchased agricultural land measuring 193 kanal at village Daulatpur, Abohar, in his name and in the name of his family members for Rs. 3.73 crore vide purchase deed dated 09.05.2012 and has claimed the benefit u/s 54B. 7.1 He further submitted that since the purchase price of the new land was more than the sale proceeds of the old land (original asset) there cannot be any capital gains on such sale as per provision of section 54B(1)(ii). He further relied on the judgment of jurisdictional High Court in the case of CIT vs. Gu....
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....me of crops that are cultivated on such land is stated as cotton, paddy and wheat and the same details are also available in the F.Ys. 2007-08 to 2011-12 which proves that the particular land was under cultivation for more than last two years (this documentary evidence has been stated to be submitted before the AO and also before the ld. CIT(A) and it is also certified to be a true copy by the Advocate of the assessee under his stamp and signature. (The said copy is also made a part of this order): 8.2 Since the original is in regional language, we consider the contents of this English translation as true and correct, as read out by the ld. Advocate of the assessee Mr. P.N. Arora, in course of hearing which is duly stamped and signed by ....