TaxTMI 
TaxTMI 
2026 (4) TMI 573
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....pellant : Mr.J.Narayanaswamy Senior Standing Counsel For the Respondents : Mr.A.S.Sriraman COMMON JUDGMENT DR. ANITA SUMANTH J. This common order disposes four Tax Case (Appeals), involving orders dated 26.04.2011 and 18.11.2011 of the Income Tax Appellate Tribunal (Tribunal). 2. The substantial questions of law admitted on 10.11.2011 in T.C.(A) Nos.490, 492 and 492 of 2011 are as follows: 1) Whether on the facts and in the circumstances of the case the Tribunal was right in deciding the land as agricultural land ignoring the material facts of layout, planning permission, gift deed, in violation of Section 2(13) of Income Tax Act? 2) Whether on the facts and circumstances of the case, the Tribunal was right ....
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....common as put forth by all the learned revenue counsel are that in the financial year relevant to assessment AY 2006-07, the assesses had sold 72 acres and 4 cents in Perumbakkam Village and 20 acres and 59 cents in Arasankazhani Village, totalling 92 acres and 63 cents (in short 'lands'/'lands in question') to M/s.B.Seenaiah & Co. (Projects) Ltd., a real estate developer, for a total consideration of Rs. 57,33,70,650/- under five sale deeds. 6. There were originally six vendors, of whom four are before us. The appeals of the remaining two assesses, viz., T.C.(A) Nos.489 and 491 of 2011 have been dismissed as withdrawn on account of low tax effect. 7. The assessee's had claimed benefit of exemption on the ground that the lands in ques....
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.... According to Learned Standing Counsel these documents were never produced before the authorities. Even assuming that they had, in fact, been produced at the time of appeal, the documents ought to have been accompanied by a petition seeking their admission. Neither the orders of the Commissioner of Income Tax (Appeals) nor the Tribunal refer to any such applications having been filed by the assessee and no opportunity to respond to such a petition had been given to the Department. 12. We had thus called for the records from the Tribunal and do not find therein any paper book filed by the assessee. However, in the order of assessment, we find reference to the agricultural land tax receipt for the year 2005. It is hence possible that some ....
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.... 'capital asset' and sets out certain parameters in relation to classification of the property. The provision reads thus: '2. Definitions (14)"capital asset" means - . . . . (iii)agricultural land in India, not being land situate- (a)in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand ; or (b)in any area within the distance, measured aerially,- (I)not being more than two kilometres, from the local limits of any municipality or cantonment boar....
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....Panchayats Act, 1994 and Tamil Nadu Urban Local Bodies Act, 1998 came into force (suspended by the Tamil Nadu Urban Local Bodies (Suspension of Operation) Act, 2000 and revived on 13.04.2023). 19. The argument is that the issue of classification of land has also not been looked into or decided in proper light by the appellate authorities. We find that there is no clarity even in the order of assessment in regard to this aspect of the matter. However, while the Assessing Authority has definitely engaged in an appreciable effort to marshall the necessary facts and assimilate them for the purpose of assessment, we cannot say the same about the appellate orders, as the orders of the Commissioner of Income Tax (Appeals) and the Tribunal are d....