2025 (3) TMI 1575

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....23 of the Income Tax Appellate Tribunal, Cochin Bench in I.T.A. No.525/Coch/2011 pertaining to the assessment year 2006-2007. 2. The brief facts necessary for disposal of this I.T. appeal are as follows: The appellant had returned his income for the assessment year 2006-2007 at Rs. 63,420/- (Rupees Sixty Three Thousand Four Hundred and Twenty only). In as much as he was found to have credit of Rs.899.10 Lakhs in his bank account on 14.2.2006, a query was raised by the department, to which the appellant explained that he had sold an extent of 5.21 Acres of land at Kakkanad village for Rs.977.10 Lakhs vide registered Sale Deed dated 13.2.2006. It was the stand of the appellant that inasmuch as this was a sale of agricultural land,....

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....ance and ought to have considered the evidence on record to determine the question as to whether the land was agricultural land or otherwise. The impugned order of the appellate tribunal was therefore set aside and the matter was remitted to the appellate tribunal for fresh consideration based on the evidence on record. 6. Pursuant to the remand, the appellate tribunal proceeded to consider the matter afresh and passed an order dated 31.10.2023 which is impugned before us in this I.T. Appeal preferred by the assessee by raising the following questions of law: (i) Did not the Tribunal err in law in restoring the assessment of Capital Gains on sale of assessees' agricultural property, even when a finding was entered into by AO....

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....missions, we find that the appellate tribunal has gone into the factual issues at length and determined the issue as to whether or not the land sold by the appellant was agricultural land or not, based on the facts and evidence available before it, examined in the backdrop of the legal position that obtains from the precedents on the point. It is significant in this regard to observe that the claim of the appellant/assessee, being for exemption from the levy of income tax as applicable to capital gains, the burden of proof was on the assessee to show that he was entitled to exemption by virtue of the land sold by him being in the nature of agricultural land. We find that, towards that end, the assessee did not produce any evidence other ....