PANKAJ KUMAR AGRAWAL,BILASPUR(CG) vs. ITO, WARD- 1(1), BILASPUR(CG)

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ITA 30/BIL/2014Status: DisposedITAT Raipur15 January 2019AY 2009-1010 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the period for investment in new agricultural land should be counted from the date of the sale agreement, not the registration date, as per Supreme Court decisions. The Tribunal also emphasized the Assessing Officer's duty to guide assessees towards eligible deductions.

What were the facts?

The assessee claimed exemption under Section 54B for the sale of agricultural land. The Assessing Officer denied the exemption, stating the land was within 8 km of municipal limits, thus not qualifying as agricultural land for exemption. The CIT(Appeals) upheld this decision.

What were the issues?

Whether the agricultural land sold was within the definition of capital asset for exemption purposes, and whether the investment period for new agricultural land should be counted from the sale agreement date.

Which sections of the Income-tax Act were involved?

Section 54B,Section 2(14)(iii)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI ANIL CHATURVEDI, AM & SHRI PARTHA SARATHI CHAUDHURY, JM

For Appellant: Shri R.B. Doshi
For Respondent: Shri D.K. Jain
Hearing: 14.01.2019Pronounced: 15.01.2019

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : 1. अपीलाथी / The Appellant. 2. प्रत्यथी / The Respondent. 3. The CIT (Appeals), Bilaspur (CG) 4. The CIT, Bilaspur (C.G.) 5. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, रायपुर बेंच, रायपुर / The DR, ITAT, Raipur Bench, Raipur.

// True Copy // आदेशानुसार / BY ORDER,

धनजी सधचव / Private Secretary आयकर अपीलीय अधधकरण, रायपुर / ITAT, Raipur.

10 ITA No. 30/RPR/2014 A.Y.2009-10

Date 1 Draft dictated on 14.01.2019 Sr.PS/PS 2 Draft placed before author 15.01.2019 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved by AM/JM second Member 5 Approved draft comes to the Sr.PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 Date of uploading of order Sr.PS/PS 8 File sent to Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R 11 Date of dispatch of order

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