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TMI Blog2018 (3) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld.AO to establish that the property in question is situated beyond 8 Kms. from the city municipal limits as measured by approach road method, and since no contrary evidence has been brought on record, it is held that the said agricultural land is not a capital asset as it is situated beyond 8 Km from the Nagpur city corporation limit - Decided against revenue. Deemed rent u/s 23(4) in relation to two houses - ALV determination - Held that:- We find that the Assessing Officer has rightly assessed the ALV of the other two house properties and now before us, learned counsel for the assessee could not controvert the observations of the Assessing Officer because it is as per provisions of Section 23(4) of the Act. Accordingly, we uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain when as per map of Vision and Development Plan for Nagpur Metropolitan Area 8 Km from Nagpur City Municipal Limit. 3. We have heard rival contentions and gone through the facts and circumstances of the case. We find that the assessee has claimed the receipts from sale of agricultural land at Dongargaon (Khasra No.77/3, Nagpur (Rural), Nagpur) as exempt u/s 2(14)(iii) of the Act. The assessee sold this agricultural land on 9th July, 2009 for a sale consideration of ₹ 1.10 crores and accordingly, the assessee s share comes to ₹ 55 lakhs. This asset was purchased in financial year 2007-08 for a sum of ₹ 10,05,350/-. According to the Assessing Officer, this agricultural land is within 8 Km limit of the local ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to two houses. For this, Revenue has raised following ground No.3 :- 3. On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the addition of ₹ 2,08,540/- against deemed rent on property when assessee shows two house properties. 7. Brief facts relating to this issue are that the Assessing Officer observed from the fixed asset schedule that it has three residential houses as under :- (i) Building at Nagpur .W.D.V. at 49,08,076 (ii) House at Sakoli .W.D.V. at 10,26,230 (iii) Flat W.D.V. at 2,14,000 8. According to the Assessing Officer, the assessee can treat the self-occupied property in relation to one house only and accordingly, he allowed the flat at Nag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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