SMT. PURNIMA DAS,BHUBANESWAR vs. PR. CIT-1, BHUBANESWAR

ITA 95/CTK/2022Status: HeardITAT Cuttack16 February 2023AY 2017-1847 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the land sold was not agricultural land, as evidenced by its size, location near industrial areas, and the assessee's profession. The claim for exemption on sale proceeds was therefore rejected.

What were the facts?

The assessee claimed exemption on the sale of agricultural land and long-term capital loss on the sale of a flat. The Principal CIT revised the assessment order, questioning the taxability of the agricultural land sale and capital gains on the flat sale.

What were the issues?

Whether the land sold was agricultural land for the purpose of exemption and whether the Pr. CIT's revisionary order was justified.

Which sections of the Income-tax Act were involved?

Section 2(14),Section 143(3),Section 263

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Income Tax Appellate Tribunal, CUTTACK BENCH, CUTTACK

Before: S/SHRI GEORGE MATHAN & ARUN KHODPIA

For Appellant: Shri P.K.Mishra, AR
For Respondent: Shri M.K.Gautam, CIT DR
Hearing: 16/02/2023Pronounced: 16/02/2023

Per Bench This is an appeal filed by the assessee against the order of the ld Pr.CIT passed u./s.263 of the Act, dated 12.3.2022 in Appeal No. ITBA/ReV/F/ReEV5/2021-22/10540634159(1) for the assessment year 2017-18. 2. Shri P.K.Mishra, ld AR appeared for the assessee assisted by Ms.Sugyanee Kuanr and Ms. Simran Samal, intern from Birla School of Law (BGU), Bhubaneswar and Shri M.K.Gautam, ld CIT DR appeared for the revenue assisted by Shri Dharmashoka Panda, intern from Birla School of Law (BGU), Bhubaneswar.

3.

It was submitted by ld AR that the assessee is an individual, who is a professor of Mathematics at P.N.College, Khurda. The assessee had filed her return of income for the relevant assessment year on 5.8.20

The order continues below.

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