2022 (7) TMI 1607

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....ed in law and on facts in declining his sec. 54B deduction claim of Rs. 2,49,85,220/-, we find that the CIT(A) upheld the assessment findings as under: (i) I have considered the submission of the appellant carefully and given thought. In fact. Section 54B of LT. Act deals about an exemption available to individual and HUF against capital gain arising from transfer of Agricultural land by investment of capital gain amount in another agricultural land, If an individual wants to shift his agricultural land for certain reason and hence he sold his old agricultural land and from the sale proceeds he purchased another agricultural land. Section 54B of I.T. Act gives relief to a taxpayer who sells his agricultural land and from sale proce....

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.... sheet notings. Hence, the inference drawn by AO from the A.R.'s submission regarding nature of the land being nonagricultural is incorrect; therefore, the Affidavit filed by A.R.'s of the appellant denying such admission before A.O. is admitted on merit. (ii) Now coming to the nature of both the lands, it is pertinent to refer to the report of the A.O. submitted through remand report. In para 4 of the report, AO has duly admitted that 7/12 extract of the transferred land (land at Bavdhan) was marked 'fruit garden', which amply supports and strengthen the view of the appellant that prior to transfer of the Bavdhan land,' agricultural activities were regularly carried out, whatever crops / fruits were grown in th....

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....n Wagholi land only after the acquisition of the said pad land. No single evidence is brought on record to prove that at the time of purchase of the said land, it was an agricultural land and that is the reason that concerned Govt. official while updating its 7/12 extracts land record of the Wagholi land specifically categorized it as pad land and 8avdhan land (transferred land) as agricultural land, which is the most vital and crucial evidence' available on record. If appellant accepts the validity of 7/12 extract in respect of his Bavdhan land, there is no reason to discard the same evidence while deciding the nature and character of Wagholi land. Since, the appellant has not fulfilled all the conditions laid down in See. 548 of I.T. ....