Assessee sold a land on 18-1-2011 for sale consideration of certain amount.\u00a0 Assessee filed its return of income contending that said land was agricultural land and, thus, capital gain on its transfer was exempt.\u00a0 Same was accepted and return of assessee was processed under section 143(3).\u00a0 Subsequently, Assessing Officer issued a reopening notice against assessee on ground that land sold by assessee was situated within limits of city corporation and same could not be treated as an agricultural land.\u00a0 Accordingly, he assessed sale consideration from sale of lands as long-term capital gains.\u00a0 It was noted that Tribunal found that land sold by assessee came within corporation limits by virtue of Government order no. 97, dated 19-7-2011.\u00a0 Allowing the appeal the Tribunal held that when assessee sold such land it was not within city municipal corporation limits.\u00a0 Tribunal further found that assessee had already brought entire details about sale of land during original assessment.\u00a0 Said Government notification was also very much available when original assessment was completed and Assessing Officer had no new tangible material available to clarify its reopening.\u00a0 Reassessment was quashed. Court also held that since new property purchased by assessee was residential property, merely because assessee had put it to use for non-residential purpose to run restaurant in it, that too, much after its purchase, assessee could not be denied exemption under section 54F of the Act.\u00a0 (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Capital gains-Agricultural land-Later the property used for commercial purposes-No new tangible material-Reassessment is held to be bad in law. [S. 2(14), 54F, 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19080","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4XK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19080"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19080\/revisions"}],"predecessor-version":[{"id":19081,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19080\/revisions\/19081"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}