LATE SMT.K.LEELAVATHY BY L/R SHRI M.THIMMEGOWDA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

ITA 752/BANG/2019Status: DisposedITAT Bangalore18 April 2022AY 2006-0779 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the lands sold were agricultural lands as per revenue records and agricultural activities were carried out. Therefore, the sale of these lands is exempt from capital gains tax and not taxable as business income.

What were the facts?

The assessee sold agricultural lands, claiming the income as exempt. The Assessing Officer initiated proceedings under Section 153C based on documents found during a search in a related entity's premises, treating the sale as an adventure in the nature of trade.

What were the issues?

Whether the sale of agricultural lands is taxable as capital gains or business income, and if proceedings under Section 153C were validly initiated.

Which sections of the Income-tax Act were involved?

Section 153C,Section 2(14),Section 45,Section 48

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Income Tax Appellate Tribunal, “A” BENCH : BANGALORE

Before: SHRI CHANDRA POOJARI & SMT. BEENA PILLAI

For Appellant: Shri Bharath L, CA
For Respondent: Shri Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Hearing: 04.03.2022Pronounced: 18.04.2022

Per Chandra Poojari, Accountant Member These appeals by the assessee are directed against the order of the CIT(Appeals)-11, Bangalore dated 31.1.2019 for the assessment years 2006-07 to 2008-09. 2. Common grounds are raised in these appeals, except change in figures; they were heard together and disposed of by this common order. The grounds raised in ITA No.752/Bang/2019 for AY 2006-07 are as follows:-

ITA Nos.752 to 755/Bang/2019 Grounds Tax Effect

1.

The order of the Hon'ble Commissioner of Income Tax (Appeals)-11, is opposed to l

The order continues below.

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