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2019 (3) TMI 1061 - ITAT DELHIPenalty u/s 271(1)(c) - sale proceeds of the agricultural land - capital gain tax - land sold by the assessee was a ‘capital asset’ within the meaning of section 2(14)(ii) and, therefore, the assessee was liable to capital gain tax - HELD THAT:- An identical issue had come up in the case of CIT vs. Rajeev Bhatara [2014 (2) TMI 71 - PUNJAB AND HARYANA HIGH COURT] wherein it was the assessee’s plea before the AO that no capital gain tax was imposable in his case as the property which he had sold was situated beyond 8 Kms from the municipal limits of Panipat. After collecting information regarding the distance from various authorities, the Assessing Officer came to the conclusion that the property was situated within 8 Kms of municipal limits of Panipat. Consequently, the Assessing Officer rejected the assessee’s claim and brought capital gain to tax and also levied penalty. While allowing the claim of the assessee, the ITAT noted that the assessee had furnished a certificate from the Sub Divisional Engineer wherein it was specified that the distance from the Panipat Municipal Board to the village where the impugned land was situated was 8.2 Kms. It was also noted by the Tribunal that there were various certificates wherein different distances had been mentioned. After considering the matter, the ITAT came to the conclusion that there was no intention on the part of the assessee to furnish inaccurate particulars of income. - Decided in favour of assessee.
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