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TMI Blog2009 (10) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... der:- The Id. Commissioner of Income-tax (Appeals)-XVAhmedabad has erred in law and on facts n giving relief out of addition of Rs.86, 78.746/- made by the AO in respect of income arising out of transfer of capital assets in terms of section 2(14) (iii) of the I. T. Act when the land n question was for industrial use and was not agricultural land. 2 The brief facts of the case are that during the year the assessee has sold agricultural land for an amount of Rs.93,90,500/- on 14-02-2004. The purchase cost of acquisition and the document expenses for purchase of the said land was Rs.7,1 1,754/-. The survey-wise details of land along with details of purchase cost and document expenses, date of purchases, sales price and sales date ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 34965 234965 21/7/04 587835 123919 711754 9390500 The Assessing Officer during the course of assessment proceedings required the assessee as to why the sale of agricultural land should not be treated as short-term capital gains. The assessee stated that the said agricultural land is situated at Motoda, Taluka Sanand, District Ahmedabad, which is having the population of less than 10,000 as well as is more than 20 km away from the local limits of Ahmedabad Municipal Corporation. The Certificate dated 20-03- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased the agricultural land for Rs.7,11,754/- on 21-07-2004 from Shri Khushalbhai and the transaction was confirmed by M/s Ganesh Industrial Estate Development Corporation, Regd. Office, 2nd Floor, Pattharkuva, Relief Road, Ahmedabad. The assessee himself is Managing Director of M/s Ganesh Housing Corporation and showing income from salary. This company is also owned by the assessee himself as also the M/s Ganesh Industrial Estate Development Corporation. This land has been shown to be sold to Ganesh Housing Corporation Ltd. by the assessee himself on 14-12- 2004. Considering the facts that the assessee is himself purchasing on behalf of Ganesh Corporation and selling the same to the Ganesh Corporation shows that the transaction cannot be sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the same financial year. During the course of appellate proceedings the submissions of the appellant along with 7/12 extracts etc. were sent to the AO vide this office letter dated 1 -5-2008. In response through his letter dated 14-5-08 the AO simply reiterated what he had stated n the assessment order that the requisite details were not submitted during the course of assessment proceedings. After going through submissions I find that 7/12 extracts submitted do show the appellant as the owner of agricultural land. This land is situated in a village known as Ma toda, Taluka Sanana with population of less than ten thousand which also proves this land to be agricultural. It was also explained that this land was sold to Ganesh Housing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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