2019 (6) TMI 1748

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....dition of Rs. 2,21,17,140/- made by the AO without appreciating the fact that the AO has thoroughly verified the provisions of section 2( 14) (iii) of the Act. B. Ld. CIT(A) has erred in law considering the assessee's submission in the form of notarized letter issued by GUDA dated 08/02/2016 wherein it is stated that the land in question is at distance of above 5 kms from the outer limits of Gandhinagar Municipal Corporation. 2. Facts of the case that during the course of assessment proceedings, from the details furnished by the assessee, it has been found that the assessee has sold following property: SI. No. Block No. Total Sale Consideration Share of Sale Consideration received by Assessee Regd. No. and Dat....

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.... day of the previous year. We are enclosing herewith the copy of 2001 census which is available as on the first day of the previous year is enclosed herewith and the same is marked as annexure ... That the assessee land is situated at Adalaj which is outside the limits of Gandhinagar and as per the provision, land should be situated certain kilometer away from the Gandhinagar municipality, and as per the notification no. 9447 dated 06/01/1994 of the department of Revenue had specified area up- to 4 K.M. from the Municipality Limits of Gandhinagar as urban area. Further, any property situated outside the 4 km will be considered as the rural area. That the letter given by the GUDA clearly mention that the land is 5 km away f....

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....ndhinagar Urban Development Authority Junior Town Planning Officer who has specifically mentioned that land in question is situated outside 5Km radious of Gandhinagar Municipal Corporation vide letter No. GUDA/Tech/692/2015 letter dated 08.02.2016. 8. We have also gone through the Notification No. 9447 dated 06.01.1994 issued by the Govt. of Gujarat wherein it is mentioned that Adalaj (CT) (Guj, population: 9776, Class-V) and municipal limit is area up to a distance of 4 KM from the Municipal limits in all direction whereas land in question is outside the 5 KM radious of Gandhinagar Municipal Corporation and as per Section 2(14)(iii)(a) capital asset means property of any kind hold by an assessee, whether or not connected with his busine....