Income Tax Appellate Tribunal (ITAT), Lucknow bench consisting of A. D. Jain, Vice President and T. S. Kapoor, accountant member held that profit from sale of agricultural land, not a ‘capital asset’, cannot be included for the purpose of computing book profit under section 115JB of IT Act. The assessee, M/s Ishwar Dewllings Pvt. Ltd…
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