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TMI Blog2016 (4) TMI 431X X X X Extracts X X X X X X X X Extracts X X X X ..... 4) of section 2 of the Act. Insofar as the land in question having been acquired by way of compulsory acquisition is concerned, that is an undisputed position. The fourth condition, namely, that the income arising out of the acquisition in relation to such transfer should have been received on or after 1.4.2004 is also an undisputed position. Thus, the Tribunal, after appreciation of the evidence on record, has recorded a concurrent finding of fact to the effect that the assessee fulfills all the requisites for the purpose of being entitled to exemption under section 10(37) of the Act and has based its conclusion thereon. It is not the case of the appellant that the Tribunal has placed reliance upon any irrelevant material or that any r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact and circumstances of the case and in law, the ITAT is justified in upholding the decision of learned CIT (A) treating the land in question as agricultural land without any evidence substantiating the generation of agricultural income and expenditure incurred thereof ? 2. The respondent-assessee filed return of income for assessment year 2008-09 on 27.1.2009 declaring taxable income at nil and showing agricultural income of ₹ 1,77,000/-. The return came to be processed under section 143(1) of the Act and came to be accepted on the returned income. Subsequently, the matter was taken up for scrutiny through CASS. The Assessing Officer noted that on a perusal of the TDS certificate enclosed with the return of income filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the land in question was not an agricultural land. He, accordingly, held that the assessee failed to fulfill the conditions as provided in sub-clause (ii) of clause (37) of section 10 of the Act and computed the long term capital gain at ₹ 1,46,75,120/- and also treated the agricultural income of ₹ 1,77,000/- as income from other sources and added it to the total income of the assessee. The assessee carried the matter in appeal before the Commissioner (Appeals), who, upon consideration of the material on record, found that the assessee had produced a copy of the extract of 7/12 record maintained by the Deputy Mamlatdar, City Taluka Surat which was also filed during the course of assessment proceedings. Upon perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condition that transfer should be by way of compulsory acquisition under any law was an undisputed position as the land had been acquired by the SMC. The fourth condition was that the income arising from acquisition of such transfer should have been received by the assessee on or after 1.4.2004, which was also an undisputed fact. He, accordingly, found that the assessee fulfilled all the four conditions mentioned under section 10(37) of the Act and that, therefore, the compensation received by the assessee towards acquisition of his land by the SMC was exempt under section 10(37) of the Act. The Commissioner (Appeals), accordingly, allowed the said ground of appeal. The revenue carried the matter in appeal before the Tribunal, which concurr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of his; (iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India; (iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of being entitled to exemption under section 10(37) of the Act and has based its conclusion thereon. It is not the case of the appellant that the Tribunal has placed reliance upon any irrelevant material or that any relevant material has been ignored, nor is the learned counsel for the appellant in a position to dislodge the concurrent findings recorded by the Tribunal by pointing out any material to the contrary. Except for the contention that in the sale deed, the subject land is not shown to an agricultural land, no other contention has been raised. Under the circumstances, it is not possible to state that the impugned order suffers from any legal infirmity warranting interference. 6. The impugned order passed by the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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