ELAVANCHALIL ABDUL BASHEER,KOZHIKODE vs. ITO, WARD-2(2), KOZHIKODE
In the result, the appeal filed by the assessee stands allowed
ITA 310/COCH/2024[2020-2021]Status: DisposedITAT Cochin14 May 2025AY 2020-2021
Bench: Shri Inturi Rama Rao, Am & Shri Sandeep Singh Karhail, Jm Assessment Year: 2020-21 Elavanchalil Abdul Basheer .......... Appellant Oittannmakm, Koduvally, Kozhikode 673572 [Pan: Bbwpb4939D] Vs. The Income Tax Officer, Ward-2(2), Kozhikode .......... Respondent Appellant By: Shri C.B.M. Warrier, Ca Respondent By: Shri Sanjit Kumar Das, Cit-Dr Date Of Hearing: 27.03.2024 Date Of Pronouncement: 14.05.2024 O R D E R Per: Inturi Rama Rao, Am This Appeal Filed By The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 23.02.2024 For Assessment Year (Ay) 2020-21. 2. Brief Facts Of The Case Are That The Appellant Is An Individual Deriving Income Under The Head ‘Agriculture’. The Return Of Income For Ay 2020-21 Was Filed On 21.12.2020 Declaring Income Of Rs. 4,60,00,000/-. Against The Said Return Of Income, The Assessment Was Completed By The Income Tax Officer, Ward-2(2), Kozhokode
For Appellant: Shri C.B.M. Warrier, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 2(14)(iii)
49,24,950/- the balance amount of Rs.4,60,00,000/- was claimed to be exempt from tax in respect of the property situated at Survey No. 90/03, Thrikaipetta Village, Meppadi,
Wayanad. The AO noted that the said property was sold to
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Elavanchalil Abdul Basheer
Vincentian Society for a consideration of Rs. 4,64,10,000/- on which
