Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)24ITD365(Delhi)
..... v.ito [1986] 161 itr 1.90, where it had been held that even sale of agricultural land would be chargeable to capital gains under the income-tax act. ..... it was also contended that in case the income-tax officer was to work out the capital gains it could not be treated as capital gains as the land would continue to be agricultural.the plea of the assessee for developing into plots ..... for first two years this position had been accepted by the department and the business profit on the sale of land was worked out.in this year also when the matter came before the income-tax officer he was of the view that whereas there was a business profit on the sale of some of the plots in the opening stock, the assessee in addition earned a profit by way of capital gains which was ..... contended that the inspecting assistant commissioner exceeded his limit in giving directions to the income-tax officer in section 144b proceedings. ..... however, when the matter came before the inspecting assistant commissioner under section 144b he considered the whole matter and he was of the view that the whole contention of the assessee regarding deriving his income from business in sale of plots was not acceptable, and the assessee's reliance on the decision of the supreme court in the case of cit ..... the inspecting assistant commissioner, therefore, directed that deduction under section sot may be allowed and capital gains should be worked out in the year in which the transaction of the sales completed in respect of the land .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... the assessee only derived agricultural income from the lands in question. ..... the learned counsel for the assessee submitted that the assessee inherited the impugned agricultural lands in the year 1980 and has been declaring agricultural income therefrom regularly. ..... in fact we also notice that in the case of one of the co-owners, namely, madan lal saini, huf, the karta was an employee with haryana agriculture university besides deriving agricultural income. ..... in the instant case, admittedly, prior to getting the agricultural land converted into non-agricultural land by payment of development charges and selling it thereafter in small pieces of plots, the assessee has been deriving income c from agriculture, rent, interest from bank etc. ..... the learned counsel for the assessee also submitted at bar that insofar as the assessments of the purchasers are concerned, the revenue has not taken any action so as to bring to tax the consideration that has allegedly changed hands.on the aforesaid basis, it is therefore prayed that the decision of the cit(appeals) be affirmed.21. ..... the learned counsel has also pointed out that in the case of one of the co-owners, the assessing officer with respect to similar sale transactions has accepted the income declared under the head 'capital gain' in an assessment proceeding finalized under section 143(3) of the act. ..... in 1957-58, it was converted into non-agricultural land, divided into small plots and such plots were sold as and when purchaser was available. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)3ITD438(Delhi)
..... been assessed in respect of capital gains.the assessee's appeal before the commissioner (appeals) succeeded in full since the assessee's contention that the land continued to be agricultural land and therefore does not fall within the purview of capital asset as contemplated under section 2(14)(iii) of the income-tax act, 1961 ('the act'), was accepted by him.2. the revenue has come up in appeal against the order of the commissioner (appeals) and the assessee has filed a cross- ..... .) 22) the relevant portions of notes on clauses of the finance bill read as follows: sub-clause (a) seeks to amend clause (14) of section 2 of the income-tax act which defines the term 'capital asset' ..... . however, in view of the proposed amendment to section 47 of the income-tax act, under clause 11 of the bill, capital gains arising from transfers of such land effected prior to 1st march, 1970, will be excluded from taxation ..... . for all the above reasons, we hold that the provisions of section 2(14)(iii)(a) are not applicable to the rural areas of union territory of delhi and nangal dewat being a part of the rural area, the agricultural lands therein are outside the definition of capital asset.the capital gains, therefore, cannot be charged on the surplus arising out of the transfer of the lands in the village nangal dewat ..... . the delhi municipal corporation act, 1957 was passed on 28-12-1957 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)31ITD29(Delhi)
..... on 2nd of june, 1979 nafed addressed another letter to icar in which in terms it was clarified and stated that recognition was being sought for associated agricultural development foundation under section 35(1)(ii) of the income-tax act, 1961 and a fresh application in the prescribed form was filled in and sent again. ..... on june 4/6th, 1977 the chairman of the central board of direct taxes wrote to the indian council of agricultural research, krishi bhawan, new delhi, that the latter's application for recognition of associated agricultural development foundation of india under section 35(1)(ii) of the income-tax act, 1961 had been forwarded to the indian council of agricultural research, new delhi.15. ..... as we have accepted the argument that since price fixation committee itself determined collection charges to be collected from the exporters and the later were in majority in the said committee and, therefore, contributions were voluntary in nature, we are not dealing with the related arguments of the revenue, at this stage again.37. ..... the amount was not spent at all and the company under intimation to the government treated it as a capital reserve.when the company was assessed to income-tax for the assessment year 1958-59, in respect of its first year of business for the accounting period ending on 30th june, 1957, the income-tax officer treated the sum of rs. ..... its first accounts were closed on 30th june, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1998)66ITD521(Delhi)
..... the common ground raised in these appeals is whether the assessee is entitled to exemption of income under section 80p(2)(a)(iii) of the income-tax act.2.1 the assessee is a co-operative society incorporated for manufacture of sugar from sugarcane. ..... manner has not carried out the manufacturing process of sugar out of the sugarcane belonging to the members and selling the sugar on their behalf in the open market and charging the members only the manufacturing charges thereby passing on the remunerative price of its agricultural produce to its members.what the assessee-society has done is that it purchased sugarcane from its members as well as non-members at the same price fixed by the government ..... held that the goods were being marketed and the business of the assessee being marketing of agricultural produce of its members, its case fell under section 81(i)(c) and the fact that the goods which were ultimately marketed had been earlier processed with the aid of power would be of no consequence insofar as the exemption granted under section 81(i)(c) was concerned.the aforecited decision of the hon'ble karnataka high court was approved by ..... the commission charged from the members and the interest, godown and insurance charges received from the purchasers was attributable to the activity of "marketing" of agricultural produce of the members of the society and the same was held deductible under section 80p(2)(a)(iii).5.6 in the case of shree rajkot lodhika purchase & sales union ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)88ITD638(Delhi)
..... it would depend on the facts of each case, if the nursery is maintained by carrying out basic operations and subsequent operations in pots are carried out in continuation of basic operations then, in our considered opinion, income from such nursery would be agricultural income not liable to tax under section 10 of the act. ..... submissions of the rival parties have been considered carefully.the question for consideration is whether the income arising from the sale of plants grown by the assessee in its nursery/farm can be said to be agricultural income as defined in section 2(1a) of the act, according to this section, any income derived from land, which is situated in india and is used for agricultural purposes, by agriculture would be agricultural income. ..... 365 (del) (supra), (1994) 48 itd 439 (cal) (supra) and the decision of hon'ble punjab & haryana high court in the case of vipin khanna (supra) for the proposition that assessments under section 143(1) amounts to the order of assessment and, therefore, the claim of the assessee regarding agricultural income in the preceding assessment years stands accepted.as far as tribunal decisions are concerned, we find that assessments were made under the unamended provisions ..... raja benoy kumar suhas roy (1957) 32 itr 466 (sc)]. .....
Tag this Judgment!Court : Delhi
Reported in : (2009)221CTR(Del)710; 157(2009)DLT169; [2009]180TAXMAN114(Delhi)
..... assessee has throughout maintained that the land in question was land falling within the definition of 'agricultural land' given in section 2(14)(iii) of the income tax act, 1961 (hereinafter referred to as the 'said act'). ..... the commissioner of income tax (appeals) also noted that the assessee had never intended to carry out any agricultural operations on the land ..... substantial question of law which arises in this appeal is:whether the order passed by the income tax appellate tribunal holding that the land acquired from the ownership of the appellant was not agricultural land, is perverse.2. ..... consequently, the tribunal held that, though to begin with, prior to its purchase by the assessee in 1989, the land in question was agricultural land, notice under section 4 of the land acquisition act, 1894 was issued by the land acquisition collector and by that time the intention of the acquiring authority was clear that the land sought to be acquired was for the purposes of planned ..... officer also noted that no agricultural income had been shown by the assessee in its returns of income. ..... the assessing officer, the assessee company had purchased the said land under long term planning to set up an industry and no agricultural operations had been carried out by the assessee since the purchase of land in the year 1989-1990. ..... was therefore, contended by the assessee that no capital gains could be charged in respect of the land.3. ..... the assessing officer charged capital gains thereon to the extent of .....
Tag this Judgment!Court : Delhi
..... tribunal has erred in brushing aside the testimony of pw2 and pw3 and the documentary evidence regarding professional and agricultural income of the deceased which has been duly substantiated with various documentary evidence, which proves the expenses / lifestyle of the deceased.3. mr. ..... therefore, i presume 50% of the expenses and hence the net loss on the agricultural income is just rs.20,000/- to rs.25,000/- per annum. ..... keeping in view the income of the deceased as a medical practitioner, his lifestyle, and agricultural income, the ld. ..... the learned judge therefore has come to the conclusion that the income-tax returns filed by the husband are not conclusive of the true income of the husband and his income has to be assessed in the light of the said other consideration as well. ..... the learned judge has further taken into consideration the household expenses for some earlier months, the maintenance charges of the flat occupied by the wife and the tuition fees of the son. ..... importantly, the mandate of law in the motor accident claim cases is different from the claims of maintenance under hindu marriage act.21. ld. ..... relied upon by the counsel for the appellants are not relevant in the facts and circumstances of the present case, moreover, all the judgments are regarding the quantum of maintenance under the hindu marriage act. ..... once the legislation to recognize new systems of medicine is enacted, any practice or education would be regulation in accordance with the said act. .....
Tag this Judgment!Court : Delhi
..... it may be pointed out that in the assessing officers order the only reason as to why the assessing officer had not granted the exemption to the respondents on account of the provisions of section 2 (14)(iii) of the income-tax act, 1961, was because the assessing officer had taken the view that the possibility of there being some other shortest distance between the area where the plots of land were situated and the ..... he submitted that in order that the profits from sale of land are not subjected to capital gains tax, it has to be established that the lands in question were agricultural lands and that such lands were not situated within 8 kms of the municipal limits. ..... the learned counsel for the revenue contended before us that the departmental representative had also raised the issue that the lands in question were not agricultural lands at all and that aspect of the matter had not been gone into by the tribunal. ..... mr sabharwal submitted that while the departmental representative had raised the issue with regard to the lands not being agricultural in nature, the tribunal had not gone into this aspect of the matter at all and, therefore, to that extent the twin conditions stipulated in section 2(14)(iii) had not been satisfied.6. ..... it is in these circumstances that the tribunal rejected the plea of the departmental representative that the matter be restored to the file of the cit (appeals) for verification of the fact as to whether the lands were agricultural in nature or not.7. .....
Tag this Judgment!Court : Delhi
..... it may be pointed out that in the assessing officers order the only reason as to why the assessing officer had not granted the exemption to the respondents on account of the provisions of section 2 (14)(iii) of the income-tax act, 1961, was because the assessing officer had taken the view that the possibility of there being some other shortest distance between the area where the plots of land were situated and the ..... he submitted that in order that the profits from sale of land are not subjected to capital gains tax, it has to be established that the lands in question were agricultural lands and that such lands were not situated within 8 kms of the municipal limits. ..... the learned counsel for the revenue contended before us that the departmental representative had also raised the issue that the lands in question were not agricultural lands at all and that aspect of the matter had not been gone into by the tribunal. ..... mr sabharwal submitted that while the departmental representative had raised the issue with regard to the lands not being agricultural in nature, the tribunal had not gone into this aspect of the matter at all and, therefore, to that extent the twin conditions stipulated in section 2(14)(iii) had not been satisfied.6. ..... it is in these circumstances that the tribunal rejected the plea of the departmental representative that the matter be restored to the file of the cit (appeals) for verification of the fact as to whether the lands were agricultural in nature or not.7. .....
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