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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 ..... ns, stated to be substantial questions of law :- "(A) Whether on the fact and circumstances of the case and in law, the ITAT is not perverse in not appreciating the fact that the Surat Municipal Corporation has deducted TDS on the compensation paid to the assessee, as per the requirement of section 194LA of the Act on the non-agricultural land acquired by it ?" (B) Whether on 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 27.1.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r "agricultural" in the entire deed, and was, accordingly, of the view that the SMC had rightly deducted tax at source from the payments made to the assessee. Placing reliance upon the provisions of section 194LA of the Act, the Assessing Officer held that the SMC had rightly deducted tax at source from the compensation paid to the assessee because of the 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 Rs. 1,46,75,120/- and also treated the agricultural income of Rs. 1,77,000/- as income from other sources and added it to the total income of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee fulfilled the first condition laid down under section 10(37) of the Act. The Commissioner (Appeals) further noted that the second condition, namely, that such land during the period of two years immediately preceding the date of the transfer should be used for agricultural purpose is established by the extract of 7/12 record. The third 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 condi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is relevant for the present purpose reads as under:- "10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included - xxx xxxx xxxx xxxx (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 of his; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come 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 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. Exce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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