9911796707
TMI Blog2022 (5) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... Government of Gujarat by completing statutory formalities under Land Acquisition Act, 1882. The land was used for agriculture purpose for two years prior to its acquisition. And the assessee(s) fulfilled all the requisite condition for seeking exemption under section 10(37) of the Act. The other addition made under the head capital gains against the cost of pucca structure, the assessee's were allowed 60% as cost of acquisition or cost of improvement, against the relief of 50% as allowed by Ld. CIT(A). Further, in some cases, the agricultural income offered by assessee(s) were treated as income from other sources has been held as income from agricultural activities . Thus, in quantum appeals all the assessee was granted substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land, capital gain on the certain amount received for permanent (pacca) structure was treated as income from other sources and in some cases the agriculture income was treated as income from undisclosed sources. The assessing officer levied penalty under section 271(1)(c) on various additions. The Assessing officer levied penalty @ 100% of tax sought to be evaded. On appeal the Ld. CIT(A) upheld the action of assessing officer. Thus, further aggrieved the assessee(s) have filed present appeal before this Tribunal. 3. None appeared on behalf of assessee in appeal(s) mentioned at serial No. 1 to 8, despite the service of notice of hearing. 4. Sh. Rasesh Shah learned authorised representative (AR) of the assessee appeared in appeal at s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t allowed the cost of acquisition and improvement on permanent structure, they were allowed 50% as cost of construction or improvement, received against permanent structure and the additions on account of undisclosed source was treated as income form agriculture activities. 7. On further appeal before Tribunal, the Tribunal held that addition of capital gain on account of transfer of land/acquisition of land is not taxable as the said land/impugned land is not 'capital asset' as defined under section 2(14)(iii)(a) of the Act. The land transferred by individual assessee(s) does not falls in the Municipal Area. Hazira Notified area is not a Municipal area or deemed municipal area, therefore, the receipt/gain on transfer of land is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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