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TMI Blog2018 (3) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... tified area of Taj Express Way Industrial Development Authority. The assessee has given all the documents before the CIT(A) as well as the Assessing Officer. As seen from the documents that the land was purchased and sold for agricultural purpose and there is no change of the utilization of the land. Land is not coming under the purview of notified area as per the certificate given by the Tehsildar. Thus, the said property does not come under the purview of Section 2(14) (iii) (a) as defined for capital asset. - Decided in favour of assessee - ITA No. 6763/DEL/2017 - - - Dated:- 22-3-2018 - Shri R. S. Syal, Vice President And Ms Suchitra Kamble, Judicial Member Appellant by : Sh. Anoop Sharma, Sh. Sanjay Parashar, Advs. Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nother notice u/s 142(1) dated 23.10.2015 was issued to the assessee fixing the date for compliance on 06.11.2015. In compliance to notice u/s 148 of the Act, the assessee filed its return of income on 22.02.2016 declaring income of ₹ 5,332/-. Thereafter, statutory notice u/s 143(2) of the Act dated 22.02.2016 was issued to the assessee fixing the date for compliance on 25.02.2016. In response to these notices, Authorized Representative of the Assessee attended the proceedings and case was discussed. The assessee was required to show cause as to why the land be not treated as capital asset within the meaning of section 2(l)(iii)(a) of the I.T. Act, 1961 and the income from sale proceeds be not treated as income from capital gain. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee's claim, the Assessing Officer had not made any adverse comments on the veracity of the documentary evidence in the impugned assessment order, which manifestly goes to show that acquiescence means admission or acceptance without any protest or adverse criticism . In other words assent means no dissent. The Ld. AR further submits that on facts, in law and in the surrounding circumstances, as explained hereinabove, it is crystal like clear that the agricultural land under consideration, is not a Capital Asset within the meaning of section 2(14)(iii)(a) of I.T. Act and consequently the provisions of capital gain are not at all attracted on the sale of agricultural land by the appellant. The Ld. AR submit that the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee has not proved his proper purchase and sold of the agricultural land. The CIT(A) as well as the Assessing Officer made addition only on the ground that the said land is situated at the notified area of Taj Express Way Industrial Development Authority. The assessee has given all the documents before the CIT(A) as well as the Assessing Officer. It can be seen from the documents that the land was purchased and sold for agricultural purpose and there is no change of the utilization of the land. In fact, land is not coming under the purview of notified area as per the certificate given by the Tehsildar. Thus, the said property does not come under the purview of Section 2(14) (iii) (a) as defined for capital asset. Thus, the appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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