TaxTMI 
TaxTMI 
2026 (8) TMI 1835
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....t, dated 31.03.2016. Submission of Ld. AR : 2. The Ld. AR submitted that there are two issues on which appeal has been filed. First is Capital Gain of Rs. 9,92,38,664/- and second is Interest Disallowance. 2.1 Regarding first issue Capital Gain, the Ld. AR submitted that the land sold was agricultural land hence no capital asset. The Ld. AR also pleaded that during the remand report the Assessing Officer (AO) relied on certificate of Municipal Corporation dated 06.10.2023 to state that land was within the 8 KM. The Ld. AR submitted that copy of the said letter was not provided to the assessee. The Ld. AR submitted that there were no agricultural activities since the day the land was purchased from Maharashtra Housing and Area Devel....
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....that the assessee has purchased the impugned land from Maharashtra Housing and Area Development Authority which do not sale agricultural land. Thus, when the assessee purchased the impugned land it was urban land and not agricultural land and the said land was sold by the assessee. Hence, the assessee's claim that it is agricultural land is factually incorrect. The Ld. DR relied on the order of the Ld. CIT(A), remand report and the AO's order. 4.1 Regarding disallowance of interest expenditure, the Ld. DR relied on the decision of Hon'ble Supreme Court in the case of East India Pharmaceutical Works Ltd. Vs. CIT, (1997) 224 ITR 627 (SC). The Ld. DR submitted that the advances were not for business purpose. Hence, decision of the Hon'ble B....
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....n (near Deogiri College), Aurangabad to Deogiri Nagari Sahakari Bank Ltd., Aurangabad vide Sale Deed dated 10.04.2012. During the assessment proceedings, Authorized Representative accepted that the assessee has not offered capital gain and accordingly agreed for addition on account of capital gain on sale of impugned land. This fact is recorded in the assessment order. Thus, the assessee had agreed for addition on account of capital gain of Rs. 9,92,38,664/-. Accordingly, the AO added Rs. 9,92,38,664/- as Long Term Capital Gain. However, subsequently, the assessee filed appeal before the Ld. CIT(A) and contended that the impugned land was agricultural land. The assessee filed additional evidences before the Ld. CIT(A). The Ld. CIT(A) called....
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.... Gain. In the grounds of appeal it is mentioned by the assessee that the Ld. CIT(A) did not decide the issue that to which Assessment Year capital gain needs to be taxed. However, during the proceedings before this Tribunal, no submission was made by the Ld. AR on this issue. We have perused the Registered Sale Deed which has been filed by the assessee in the paper book. The Registration date is 11.04.2012. Thus, as per the Registered Sale Deed, the impugned land was sold by the assessee on 10.04.2012 and the Sale Deed was registered on 11.04.2012. Thus, it is crystal clear that capital gain was taxable in AY 2013-14. The Ld. AR has not brought on record any documents pertain to any dispute regarding the land. The Ld. AR has not pleaded any....