COMMISSIONER OF INCOME TAX Vs. VIDE ON

JUDGEMENT

(1.) NO . 3887/Del/2004 relevant for the asst. yr. 1993 -94.

(2.) THE assessee had filed its return of income wherein it had disclosed a capital gain of Rs. 19,45,920 from the sale of land. Thereafter, the assessee filed a revised return wherein it claimed that the capital gain shown earlier was exempt from tax being agricultural land. This was on the basis of an advice received by it from the concerned Tehsildar as well as information received from the Municipal Corporation of Delhi. The AO did not accept the withdrawal of capital gain.

(3.) THE assessee then filed an appeal before the CIT(A) which was allowed.