2025 (11) TMI 1400

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he appeal in ITA No. 139/AGR/2025 for AY 2010-11, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] dated 04.03.2024 against the order of assessment passed u/s 144 r.w.s. 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 17.11.2017 by the Assessing Officer, ITO, Ward-2(1)(5), Agra (hereinafter r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... under consideration is agricultural land and that there would be no capital gain that would arise on sale of the above land as it is outside the definition of capital asset under section 2(14) of the Act. The Learned AO however did not agree to the assessee's submissions and computed the long term capital gain at Rs 4,79,993/- as assessee's share is 1/11th on account of sale of above land after s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d attained finality. Hence he pleaded for adoption of uniform purchase cost of land as on 1-4-1981 at Rs 50,000 per bigha. Per Contra, the Learned DR pleaded that the provisions of section 50 C of the Act had been rightly applied by the lower authorities in the instant case. 5. I find that the assessment was framed under section 144 read with section 147 of the Act dated 17-11-2017 due to the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed accepted the purchase cost of land to be adopted at Rs 50,000 per bigha as on 1-4-1981. I hold that the adoption of sale consideration of Rs 60.20 lakhs by applying the provisions of section 50 C of the Act is in order in the facts and circumstances of the instant case. At the same time, in order to have uniformity, the purchase cost of land as on 1-4-1981 should be considered at Rs 50,000 per ....