\u00a0<\/p>\n
The assessee sold a plot of land and claimed that it constituted\u00a0agricultural land<\/strong>,<\/strong> and therefore was not taxable as capital gains. On appeal the Court noted that\u00a0all the authorities\u00a0had concurrently held that the land was\u00a0not used for agricultural purposes<\/strong>,<\/strong> and consequently, the income arising from the sale of the land was\u00a0<\/strong>chargeable to tax<\/strong>. <\/strong>It was observed that\u00a0<\/strong>Form 7\/12 (revenue records)<\/strong>\u00a0<\/strong>is a relevant piece of evidence on which an assessee may legitimately rely; however, it is\u00a0<\/strong>not conclusive<\/strong>. <\/strong>The authorities found that the assessee had\u00a0<\/strong>not undertaken any agricultural activity<\/strong>\u00a0<\/strong>on the land and had failed to make\u00a0<\/strong>full and proper disclosure of agricultural income<\/strong>,<\/strong> having stated that the net agricultural income, after excluding expenses, was negligible. The authorities further relied on the\u00a0<\/strong>clauses in the sale agreement<\/strong>, <\/strong>which indicated that the land was sold\u00a0<\/strong>for development purposes<\/strong>, <\/strong>to be converted into plots and sold to third parties. Consideration was also given to the\u00a0<\/strong>proximity of the land to the metropolitan cities of Mumbai and Thane<\/strong>, <\/strong>as well as the\u00a0<\/strong>substantial expenditure incurred for the development of the land<\/strong>.<\/strong> The assessee was found to have made\u00a0<\/strong>contradictory and inconsistent statements<\/strong>\u00a0<\/strong>regarding the agricultural use of the property. The Court held that the assessee had failed to demonstrate any\u00a0perversity<\/strong> in the authorities’ findings. Since all relevant material and contentions had been duly considered by the\u00a0lower authorities, there was\u00a0<\/strong>no reason to interfere with the concurrent findings of fact<\/strong>, <\/strong>and\u00a0<\/strong>no question of law, much less a substantial question of law<\/strong>. <\/strong>\u00a0(AY.\u00a0 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":" S. 45 : Capital gains-Capital Asset-Agricultural Land-Sale of plot of land-Revenue records not conclusive-Negligible agriculiral income-Concurrent findings of fact-Order of Tribunal affirmed. [S. 2(14)(iii),260A] <\/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-59703","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fwX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59703","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=59703"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59703\/revisions"}],"predecessor-version":[{"id":59704,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59703\/revisions\/59704"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}