Question And Answer
Subject: Agricultural Land taxability
Querist: Kulkarni P.S
Answered by:
Tags: ,
Date: June 27, 2022
Query asked by Kulkarni P.S

Assessee is an individual and filed the return of Income disclosing income from business and other souces for AY 2014-15. During the year under consideration has also sold agricultural land and profit on sale of the same  on the bonafide belief and as per certificate from Talthi that said land is beyond 8 kms from municiple corporation and population of the village is less than 10000. As per mutation entry also crops like ground nut were cultivated. During the course of scrutiny which was selected under Cass for large deposits in Bank, which includes amount received on sale of agricultural land.  As per advice of CA the assessee has submitted letter during the course of assessment proceedings that Said land is with in 8 kms and therefore voluntarily offered profit on sale of land and also paid tax on the same. AO also completed assessement and initiated penalty proceedings for concealment of Income. AO also levied the penalty for concealment of Income on the ground that assessee reply is afterthought and assessee would not have disclosed had its return is not selected in scrutiny.  Cit A has also confirmed the same.  In reality the said land is agricultural land situated out side 8 kms and also situated at village  having polulation less than 10000, even 7/12 extract also shows crops are cultivated. Whether assessee can submit these papers as additional evidences and  take this stand before ITAT that admission before AO was under bonafide belief and relied up advice of CA in the appeal before ITAT.

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There is no estoppel in law. The assessee can make an application under Rule 29 of the ITAT Rules, 1963, for bringing fresh documents and evidence on record which goes to the root of the matter.

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