ACIT 21(1), Mumbai vs. Haresh Chunilal Rajani, Mumbai
In the result, the appeal filed by the revenue is dismissed
ITA 911/MUM/2015[2011-12]Status: DisposedITAT Mumbai22 Dec 2016AY 2011-12
Bench: S/Sh.B.R. Baskaran & Amit Shuklaआयकर अपील सं/.Ita No.911/Mum/2015,िनधा"रण वष"/Assessment Year-2011-12 Acit-21(1) Shri Haresh Chunilal Rajani Room No.116, 1St Floor, Piramal Prop. M/S. Kem Cards, Chambers, Parel Vs 701, Ashirwang, Mumbai-400 012. 72, Pochkhanwala Rd. Worli, Mumbai-400 025. Pan: Aacpr 3308 H (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती ओर से/Assessee By : Shri B.V. Jhaveri-Ar राज"व क" ओर से/ Revenue By : Shri M.C. Omi Ningshen-Dr सुनवाई क" तारीख / Date Of Hearing : 08.12.2016 घोषणा क" तारीख / Date Of Pronouncement : 22.12.2016 O R D E R लेखा सद"य लेखा सद"य बी लेखा सद"य लेखा सद"य बी बी.आर बी आर आर. . . . बा"करन आर बा"करन बा"करन के अनुसार बा"करन के अनुसार के अनुसार/ Per B.R. Baskaran, Am: के अनुसार The Appeal Filed By The Revenue Is Directed Against The Order Dated 21.11.2014 Passed By Ld Cit(A)-33, Mumbai For Assessment Year 2011-12. Though The Revenue Has Raised Many Grounds, All Of Them Are Directed Against A Single Issue, Viz., Whether The Ld Cit(A) Was Justified In Accepting The Contention Of The Assessee That The Land Sold By Him Was A Agricultural Land.
For Appellant: Shri B.V. Jhaveri-ARFor Respondent: Shri M.C. Omi Ningshen-DR
Section 2(14)
…essee was not to carry on agricultural activities on the land, but to sell it appropriate time of spurt in the real estate market. Accordingly, by placing reliance on the decision rendered by Hon’ble Supreme Court in the case of Gemini Pictures Circuit P Ltd (220 ITR 43), the AO treated the land as non- agricultural land and accordingly assessed the capital gains arising on sale thereof. 4. The Ld CIT(A), however, agreed with the contentions of the assessee and accordingly held that the impugned land is an agricultural land and accordingly reversed the view taken by the AO. Aggrieved, the revenue has filed this…
