2026 (6) TMI 1182

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....f appeal: 1. On the facts and circumstances of the case, Ld. CIT(A) erred in not accepting the conclusion drawn in the remand report Dt. 27/02/2020 which was submitted after due verification and through proper channel. I therefore humbly request honorable Court to accept the remand report and allow the deduction rightly claimed u/s 54B by your appellant. 2. On the facts and circumstances of the case, the Ld. CIT (A) erred in law and facts in holding agriculture land as non-agricultural land and thereby disallowing the claim made u/s 54B of the IT Act vide page no. 24 para 5.3.8. 1. therefore, humbly request Hon'ble Court to accept the land sold as an agriculture land and allow the deduction claimed by your appellant. ....

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....ich the Assessing Officer denied. Aggrieved by the order of the Assessing Officer, the Assessee filed appeal before the Ld. CIT(A) who upheld the order of the Assessing Officer. 4. Aggrieved by the order of the Ld. CIT(A), the Assessee filed appeal before the Tribunal. 5. Heard the arguments of both the parties and perused the material available on record. 6. We find the remand report of the Assessing Officer called by the Ld.CIT(A) on record. For the sake of ready reference, the said remand report submitted by the Assessing Officer in response to the direction given by the Ld. CIT(A) is reproduced below: "...3 As directed, I have verified additional evidences and submitting my comments on the same which is produced hereun....

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....submitted by the assessee, it can be construed that the immediately preceding to the date of transfer the agricultural and farming activities were carried out in the said land and after selling the said agriculture land, the assessee purchased agriculture land at the consideration of Rs. 1,59,68,612/- for which the assessee claimed the deduction u/s 54B of the Act to the tune of LTCG of Rs. 1,45,73,828/- 4. In view of the above facts, it is submitted that the additional evidences submitted by the assessee may be considered and appeal in the case of the assessee may kindly be decided on merits, if your honour may consider it deem fit..." 7. We have also carefully gone through the assessment order, the impugned order passed by the....