9911796707
TMI Blog2023 (10) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... the opinion that the AO has made necessary enquiries and it is a plausible view that the land involved is agricultural land. Hence, we are of the opinion that the order of PCIT needs to be set aside and the issue is decided in favour of the assessee. - Shri Shamim Yahya, Accountant Member And Shri Anubhav Sharma, Judicial Member For the Assessee : Shri Ravi Agrawal, Advocate For the Revenue : Shri Surendra Pal, CIT DR ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal filed by the assessee is directed against the order of ld. Pr.CIT, Agra 1, Agra dated 03.03.2021 pertaining to assessment year 2015-16. 2. Grounds of appeal taken by the assessee read as under :- 1. Because the learned CIT order u/s 26 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as shown as Rs. 21,60,251/- as per the stock inventory and the selling cost of the said land was shown as Rs. 23,00,000/-. The assessee also earned income of Rs. 3,96,653/- on the sale of mud from the said land. Thus, it appeared that the assessee had earned income to the tune of Rs. 5,36,653/- (Rs. 1,40,000 from sale of land and Rs. 3,96,653 from sale of mud) which has not been accounted for during the assessment. 4. On enquiry in this regard, ld. PCIT noted the assessee s response as under :- (i) In this regard, it is submitted that this is a scrutiny case made by the AO after duly hearing and making several queries by the ITO time to time from the assessee at the time of hearing of this assessment in this case. That facts are that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it and this land of Gata No. 24 is more than 8 Kms is beyond the limit of Nagar Nigam. The copy of this certificate is enclosed fat your ready reference. This certificate is also on the record of the AO. Thus the learned AO after making the due enquiries and finding out that the sale proceed of this land was agricultural and situated beyond 8 kms. of Nagar Nigam limit of Agra and also sale of mud of this land as agricultural income, and not taxable. He allowed exemption for the same. (iii) It is further submitted since the sale of mud of this land was made to level and make the land fertile is also the part of agricultural income and therefore both these amounts were rightly allowed by the AO, as agricultural income and exempt from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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