RAJIV DASS Vs. COMMISSIONER INCOME TAX

JUDGEMENT

(1.) This appeal under Section 260A of the Income Tax Act, 1961 ("?Act"?, for short) by Rajiv Dass ("?appellant-assessee"?, for short) relates to Assessment Year 2009-10 and arises from the order dated 2nd December, 2016 of the Income Tax Appellate Tribunal ("?Tribunal"?, for short).

(2.) The contention of the appellant-assessee is that the findings recorded by the Tribunal to deny benefit of exemption under Section 54B of the Act are perverse and contrary to the facts on record.

(3.) The appellant-assessee is a resident of Delhi. For the Assessment Year 2009-10, he had declared income by way of salary and income from the other sources in addition to income by way of capital gains from transfer of land in Village Noor Nagar, Pargana Loni, Ghaziabad, Uttar Pradesh to a real-estate developer,M/s Vasu Infrastructure Private Limited, vide different sale deeds executed in the month of December, 2008 for Rs.6,51,00,000/- .The appellant-assessee had purchased this land for Rs.58,90,000/-on 11th November, 2005. The purchaser had subsequently obtained permission vide order dated 10th October, 2011 for conversion and use of land for non- agricultural purposes.