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TMI Blog2019 (1) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... this fact that the assessee was not in possession of agricultural land where agricultural activities were done continuously which was sold and then another agricultural land was purchased. Thereafter also, agricultural activities were performed continuously. Even in the return of income filed evidence of agricultural income has been shown. Regarding sale agreement, period of 2 years for the purpose of Section 54B of the Act, it is absolutely clear from the decision of the Hon ble Apex Court in the case of Sanjeev Lal Vs. CIT [ 2014 (7) TMI 99 - SUPREME COURT] that date to be calculated from the date of sale agreement and not from the date of registration for the purpose of counting period of investment. The moment the sale agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM For the Assessee : Shri R.B. Doshi For the Revenue : Shri D.K. Jain ORDER PER PARTHA SARATHI CHAUDHURY, JM : This appeal preferred by the assessee emanates from the order of Ld. CIT(Appeals), Bilaspur (CG) dated 27.12.2013 for the assessment year 2009-10 as per following grounds of appeal on record: 1. That the order passed by the learned CIT(Appeals) is bad in law as well as facts. 2. That the learned CIT(Appeals) has erred in not allowing the claim of the assessee for exemption u/s.54B as well as not allowed the claim of the assessee being beyond 8 km from the municipal limits area. 3. That the addition m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt to sale of the impugned agricultural land and invested more than sales consideration from the impugned agricultural land in purchase of the said agricultural land and accordingly, the assessee is duly entitled to claim exemption u/s.54B of the Act. 4. The Ld. AR further contented that the assessee purchased land admeasuring 1.078 hector at Village- Mangla, Block- Bilha, Dist. Bilaspur in the month of April 2005 and executed agreement to sale the land for a consideration of ₹ 50,00,000/- in the 1st week of August 2008 with the conditions that payment of remaining sale consideration and registry of the land in their favour should be done by the end of October, 2010. After execution of agreements to sale of impugned agricultu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and and used for agriculture. The sale deed filed in the paper book at pages 29, 31,33 37 which are relevant for description of land as agricultural in nature. There is also Kistbandhi Khataoni issued by Patwari which is annexed at page No.46 of the paper book and relevant points are 4 to 8. The agricultural income has been disclosed in the relevant year at page No.12 of the paper book and in earlier two years which are at page No. 59 and 71 of the paper book. New agricultural land has purchased which is evident from page No. 47 to 51 of the paper book and the purchase deed was filed before the Assessing Officer which is placed at page 57 to 65 of the paper book. The evidence of agricultural (P-II Khasra ) is placed at page Nos. 55 and 56 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , (2001) 247 ITR 658(SC). 9. The Ld. AR further appraised the Bench regarding the CBDT Circular dated 11.04.1955 and dated 18.05.1965 and submitted that even if the assessee did not claim deduction, the Assessing Officer is duty bound to guide the assessee and allow the deduction, wherever it is applicable to the assessee. 10. On the other hand, the Ld. DR has placed reliance on the orders of the Authorities below. 11. We have perused the case records, analyzed the facts and circumstances in this case and considered the judicial pronouncements placed before us. That so far as the facts in this case are concerned, it is undisputed that the assesse had sold agricultural land. The corresponding evidences regarding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale agreement is executed between vendor and vendee, some right of the vendor goes out and some rights of the vendee comes in. The right of personam have been created in favour of the vendee, the moment agreement to sale is executed in favour of the vendee, some rights have accrued to the vendee because of which there could not be any interruption in the transaction and it has to be continued in the same and exact manner decided in the sale agreement. Therefore, the period of investment to be counted from the date of sale agreement itself and not from the date of registration. Further, we agree with the submissions of the Ld. AR that it is duty of the Assessing Officer to guide the assessee and allow the deduction wherever and w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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