VINAYA SHARMA,KOTA vs. ACIT CENTRAL CIRCLE, KOTA

ITA 628/JPR/2023Status: DisposedITAT Jaipur17 October 2024AY 2015-1647 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the land in question was rural agricultural land and therefore not a capital asset. Consequently, the capital gains tax levied on its sale was deleted.

What were the facts?

The assessee sold agricultural land and claimed exemption under Section 10. The Assessing Officer (AO) denied the exemption and made an addition, treating the land as a capital asset. The assessee argued that the land was rural agricultural land and not a capital asset as per Section 2(14)(iii).

What were the issues?

Whether the agricultural land sold by the assessee qualifies as a 'capital asset' under Section 2(14)(iii) of the Income Tax Act, and if exemption under Section 10 is admissible.

Which sections of the Income-tax Act were involved?

Section 10,Section 2(14)(iii),Section 153A,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES,B JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM

For Appellant: Shri Mahendra Gargieya, Adv. &, Shri Devang Gargieya, Adv
For Respondent: Ms. Alka Gautam, CIT (V.H)
Hearing: 23/09/2024Pronounced: 17/10/2024

PER: RATHOD KAMLESH JAYANTBHAI, AM The present appeal is because the assessee dissatisfied with the order of the Commissioner of Income Tax (Appeal), Udaipur dated 26/08/2023 [for short CIT(A) ] for assessment year 2015-16. The said order of the Id. CIT(A) arise as against the order dated 26.12.2019 passed under section 143(3) r.w.s 153A of the Income Tax Act, by ACIT, Circle, Kota.

2.

In this appeal, the assessee has raised following grounds:- "

1.

The impugned order u/s 143(3) rws 153A dated 26.12.2019, as well as the action taken u/s 153A and

The order continues below.

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