9911796707
TMI Blog2015 (10) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the finding of the ld. CIT(A) in holding the land sold by the Assessee as an agricultural land does not call for any interference. The cost of the land in the Assessee's case being the figure as disclosed in the sale deed is only ₹ 27,14,288/-, the Assessee would be entitled to the deduction u/s 54B only to the extent of this amount and not ₹ 1 crore as allowed by the ld. CIT(A). The Assessee has relied upon the decision of Janardan Dass reported in [2007 (10) TMI 172 - ALLAHABAD HIGH COURT] therein assessee had purchased a land alongwith tubewells and trees which were part of the agricultural land. This is not a case where the Assessee had paid separately for the land and separately for the plantation whereas in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowing the claim of the Assessee u/s 54B of the Act to the extent of ₹ 1 crore as against ₹ 27 lacs disallowed by the AO. It was also the submission that the ld. CIT(A) had upheld the claim of the Assessee that the land sold by the Assessee was an agricultural land. It was the submission that in the course of the assessment it was noticed by the AO that the Assessee had sold land within the municipal limits to Mariott Hotels. It was the submission that the Assessee was unable to prove that the land sold was an agricultural land. It was the further submission that the said land was sold for a consideration of nearly ₹ 10 crores and the Assessee had purchased another agricultural land for a consideration of ₹ 27.14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red at ₹ 27 lacs as the guideline value fixed by the Government in respect of the said land was only ₹ 27 lacs. It was the submission that the ld. CIT(A) had rightly allowed the Assessee the claim of deduction u/s 54B of the Act. 5. We have considered the rival submissions. A perusal of the land records, more specifically Form No. II, in Nagarcem Palolem shows that the land sold by the Assessee has been recorded in the Revenue records as an agricultural land. In these circumstances, as the Revenue records of the State clearly hold the land which has been sold as an agricultural land, we are of the view that the finding of the ld. CIT(A) in holding the land sold by the Assessee as an agricultural land does not call for any int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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