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TMI Blog2022 (10) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... e and this issue in the Assessee s appeal is dismissed. - I.T.A Nos.:1945 & 1946/CHNY/2018 - - - Dated:- 12-10-2022 - Shri Mahavir Singh, Vice President And Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Mr. I. Dinesh, Advocate For the Respondent : Mr. P. Sajit Kumar, JCIT ORDER PER MAHAVIR SINGH, VP: These two appeals by the Assessee are arising out of the common order passed by the Commissioner of Income Tax (Appeals)-2, Chennai in ITA Nos.236 238/2013- 14/A.Ys.2008-09 2009-10/CIT(A)-2 dated 10.04.2018. The assessments were framed by the Income Tax Officer, Business Ward I (1), Chennai, u/s.143(3) of the Income Tax Act, 1961 (hereinafter the Act ) for the Assessment Years 2008 2009 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the course of the assessment proceedings, the Assessee was asked to explain, as to why the sale consideration received by the Assessee on account of the sale of land be not treated as capital gains arising out of the same. The Assessee sold property No.1 at Survey No.2072 vide registered sale deed dated 10.10.2007 for a recorded sale consideration of Rs.22,08,540/-. The Assessee also sold property No.2, Survey No.2058, vide agreement dated 17.08.2007 for a consideration of Rs.7,25,000/-. The Assessing Officer taking the Assessee s share in property No.1 [Assessee is a Co-owner with his brother Shri. Shalbhadra Bafna in this land] computed the long term capital gain as under: Property I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer in assessing the lands as capital asset, exigible to capital gains. The Commissioner of Income Tax (Appeals) also stated that no evidence were filed before either the Assessing Officer or the Commissioner of Income Tax (Appeals) that the Assessee is carrying out agricultural operation on the impugned lands. Aggrieved by the order of the Commissioner of Income Tax (Appeals), the Assessee is in appeal before the Tribunal. 5. We have heard the rival contentions and have gone through the facts and circumstances of the case. The Assessee before us filed a paper-book consisting of page Nos.1 to 149 in which copies of the sale deed of the agricultural land situated at Survey No.2072 at Mandsaur and Survey No.2058 at Mandsaur is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted by the Assessing Officer , as per the translation of the Sale Deed submitted by the Appellant in the paper book, it is ascertained that the impugned lands are agricultural lands. The Appellant had also offered agricultural income received from the same for taxation for the Assessment Years 2002 2003 to 2006-2007 as per the statement of the total income filed in the paper book. Since, it is established the impugned lands are agricultural in nature, it is hereby held that the additions on account of the Capital Gain on the sale of the said lands, are not applicable and hence the same are deleted. Therefore, the ground of appeal is allowed. 7. When these facts were confronted to the learned Senior Departmental Representative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case. We have also gone through the Assessment Order and the order of the Commissioner of Income Tax (Appeals) and the arguments of the learned Counsel for the Assessee that these cash withdrawals are the sources of cash deposits. We noted that the Commissioner of Income Tax (Appeals) has categorically given a finding that the Assessee could not substantiate the linkage of the cash withdrawals of that of the cash deposits. For this, the Commissioner of Income Tax (Appeals) has recorded in paragraph No.24, as under: 24. I have gone through the above contentions of the Appellant, however, in the absence of the relevant books of accounts and the corresponding details, the mere submissions cannot be accepted. As could be noticed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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