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TMI Blog2022 (12) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... as raised the following questions of law:- "(i) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was justified in confirming the order of Ld. CIT(A) in deleting the addition made by the AO without appreciating the fact that assessee has failed to simultaneously fulfill all the four conditions laid down in Section 10(37) of the Act which are required for claiming exemption u/s 10(37) of the Act? (ii) Whether on facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in confirming the order of Ld. CIT(A) by relying upon its own decision in the case of Dipak Pauwala ignoring that the facts of both the cases are entirely different from each other. (iii) Whether on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04,00,000/- was made treating the transaction as Long Term Capital Gain. 2.3. When challenged before the Commissioner of Income Tax (Appeals), it had relied on the decision of ITAT, Ahmedabad in case of Shri Dipak Kalidas Pauwala [ITA No. 2685/Ahd/2011 for Assessment Year 2008-09, dated 14.08.2015] wherein, it was held that the compensation received towards the acquisition of land at village Dindoli by the SMC is exempt under Section 10(37) of the Act. The reason why the CIT(Appeals) so upheld was that the land was needed for the purpose of Town Planning Scheme or Development Plan and the acquisition of the land by the SMC was for the purpose of Sewage Treatment Plant. It was deemed to be a land needed for the public purpose within the mea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agricultural land should be situated within the jurisdiction of a municipality, municipal corporation, notified area committee or town area committee or town committee having a population of more than 10,000. The forth condition is that the agricultural land should have been used for a period of two years immediately before the date of transfer for the agricultural purpose. As all the conditions required under Section 10(37) have not been fulfilled, the authorities concerned have failed in appreciating it in the right directions. 4. Having noticed the decision of this Court in Dipak Kalidas Pauwala [Tax Appeal No. 249/2016] (supra) where this Court has considered extensively the issue of entitlement of a person for exemption under Clause 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he requisites for the purpose of being entitled to exemption under section 10(37) of the Act and has based its conclusion thereon. It is not the case of the appellant that the Tribunal has placed reliance upon any irrelevant material or that any relevant material has been ignored, nor is the learned counsel for the appellant in a position to dislodge the concurrent findings recorded by the Tribunal by pointing out any material to the contrary. Except for the contention that in the sale deed, the subject land is not shown to an agricultural land, no other contention has been raised. Under the circumstances, it is not possible to state that the impugned order suffers from any legal infirmity warranting interference. 6. The impugned order pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where the SMC had agreed to pay land owners at the rate of Rs. 2,000/- per sq.mt for their land and to not invoke provisions of Sections 77 and 78 (Compulsory Acquisition) of Gujarat Town Planning Act. The land had been transferred by the registration of sale deed by the assessee and the SMC where the purchaser had to pay stamp duty at the prevalent market rate to avoid any kind of litigation. This was a better way worked out by the authority and the land owners. This had resulted into the Assessing Officer finding it not to be a compulsory acquisition, but, more a voluntary transfer. However, this Court in case of other assessee being Dipak Kalidas Pauwala [Tax Appeal No. 249/2016] (supra) has held the requisite conditions of Section 10(3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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