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TMI Blog2019 (1) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... n or there may be artificial source of irrigation by way of well or borewell. These factors were not brought on record either by the Assessing Officer or by the CIT(Appeals). Moreover, a mere claim in the return of income as agricultural land cannot be considered to be furnishing inaccurate particulars of income or concealing any part of income. No case of the Revenue that the assessee has not disclosed entire sale consideration. It is also not the case of the Revenue that the assessee has concealed any part of sale proceeds of the said land. The admitted case of the Revenue is that the assessee claims the gain arising out of sale of land as exemption on the ground that the land in question is agricultural land. This Tribunal is of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew that it is not an agricultural land. Therefore, according to the Ld. counsel, the levy of penalty is not justified. 3. On the contrary, Shri V. Nandakumar, the Ld. Departmental Representative, submitted that the Assessing Officer after due verification found that the land in question is not an agricultural land. Therefore, according to the Ld. D.R., the claim of the assessee as agricultural land in the return of income amounts to concealment of particulars of income, hence, the Assessing Officer has rightly levied the penalty. 4. We have considered the rival submissions on either side and perused the relevant material available on record. The Assessing Officer observed in the assessment order that on due verification, it was found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me. 6. It is not the case of the Revenue that the assessee has not disclosed entire sale consideration. It is also not the case of the Revenue that the assessee has concealed any part of sale proceeds of the said land. The admitted case of the Revenue is that the assessee claims the gain arising out of sale of land as exemption on the ground that the land in question is agricultural land. This Tribunal is of the considered opinion that this claim of the assessee cannot be considered to be concealing any part of income or furnishing inaccurate particulars of income as held by the Apex Court in CIT Vs. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158. In view of the above, we are unable to uphold the orders of the authorities below. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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