SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

ITA 2223/BANG/2016Status: DisposedITAT Bangalore09 February 2022AY 2009-1082 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that despite the land being converted for non-agricultural purposes, agricultural operations continued, and it remained recorded as agricultural land. Therefore, the sale of the land was exempt from capital gains tax.

What were the facts?

The assessee claimed exemption for long-term capital gains on the sale of agricultural land, arguing it was not a capital asset. The Assessing Officer (AO) and CIT(Appeals) treated it as a capital asset, deeming it non-agricultural due to conversion and sale to a company.

What were the issues?

Whether land converted for non-agricultural use but still under agricultural cultivation qualifies as a capital asset for capital gains tax purposes.

Which sections of the Income-tax Act were involved?

Section 2(14),Section 153C,Section 143(3),Section 45,Section 48

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Income Tax Appellate Tribunal, “B” BENCH : BANGALORE

Before: SHRI CHANDRA POOJARI & SMT. BEENA PILLAI

For Appellant: Shri L. Bharath, CA
Hearing: 21.12.2021Pronounced: 09.02.2022

Per Chandra Poojari, Accountant Member These two appeals by the assessee are directed against the common order dated 30.9.2016 of the CIT(Appeals)-11, Bangalore for the assessment years 2008-09 & 2009-10. 2. We consider the facts as narrated in AY 2008-09 wherein, there was a search operation u/s. 132 of the Income-tax Act, 1961 [the Act] conducted in the case of M/s. SPR Developers Pvt. Ltd. on 8.12.2011. During the course of search proceedings, documents relating to the assessee was found and notice u/s 153C was issued. In response to notice, the assessee flied the return declaring i

The order continues below.

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