Sale of Stock of Agricultural Land can be Treated as Capital Gain not Business Receipt: ITAT deletes Addition [Read Order]

Sale of Stock - Sale - Stock - Agricultural Land - Capital Gain - Business Receipt - ITAT - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that the sale of stock of agricultural land could be treated as capital gain and not business receipt. In this case the assessment was completed under Section 144 of the Income Tax Act whereby addition was made on account of profit…

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