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GOUTAM BHADURI, DEEPAK KUMAR TIWARI
Chowaram Baghel – Appellant
Versus
Principal Commissioner Of Income Tax Range-2 – Respondent
JUDGMENT :
Goutam Bhaduri, J.
1. The appeal was admitted on the following substantial question of law :
2. Facts of the case, in brief, are that the appellant sold agricultural land to M/s Golden Bricks Infrastructure Pvt. Ltd., on which long term capital gains was assessed at Rs.66,66,284/- and which was finally determined at Rs.36,66,284/- by the CIT (Appeals), Raipur, deleting addition of Rs.30,00,000/-. The ITAT, Raipur Bench has upheld the determination of long term capital gains at Rs.36,66,284/-. According to the appellant, out of the sale proceeds of the assessee purchased agricultural lands as under :
| Rs.5,52,000/- | 27-7-2011 | Own name |
| Rs.9,90,300/- | 01-8-2011 | in the name of wife-Amt. |
| Rs.8,62,000/- | 01-8-2011 | includes stamp duty |
| Rs.24,04 |
The main legal point established in the judgment is the strict interpretation of taxing statutes and the requirement for the assessee to establish entitlement to exemption or concession.
Agricultural land exemption u/s 54B allowed based on revenue records, subsidies, and prior income declarations despite lack of direct operation proofs.
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