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TMI Blog2014 (5) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 45(5) and without appreciating the findings of the Assessing Officer in the assessment order? (B) Whether the Appellate Tribunal has not appreciated the fact that the assessee has not furnished evidences regarding fulfillment of all the conditions laid down in section 10(37) of the Income-tax Act, 1961? (C) Whether the Appellate Tribunal has substantially erred in holding that the assessee is eligible for exemption u/s. 10(37) of the Act, even if the assessee himself was not doing the agricultural operations, despite the specific condition that the agricultural operations should be done by such HUF or individual or parents of his in section 10(37)? 2. We have heard learned counsel for the Revenue and examined the material on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing provision for collection of capital gains on transfer of capital assets. 7. Section 10(37), however, grants exemption from payment of capital gains on transfer of agricultural land under certain circumstances. Section 10(37) reads as under: 10(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head Capital gains arising from the transfer of agricultural land, where (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be seen from the statutory provisions contained in the Bombay Tenancy and Agricultural Lands Act, 1948, cultivation of a land through hired labourer or through member of ones family. Merely because the assessee was not residing close to the land or was also pursuing some other business would not by itself be sufficient to hold that the land was not used for agricultural purposes by the assessee. The Tribunal recorded that in the earlier years, the assessee had declared agricultural income, which was also accepted by the Revenue." 8. This tax appeal raises identical question of law and is answered in favour of the respondent assessee who is one of the owners of the property in respect of which the aforementioned tax appeal is concluded. Nei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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