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Agricultural Land

ITAT allows Assessee’s Plea of Farmhouse Construction from Funds Derived from Agricultural Activities, terms income “Undisclosed” [Read Order]

Manu Sharma

The Delhi Bench “A” of the Income Tax Appellate Tribunal (ITAT) has accepted the assessee’s claim that the construction of a farmhouse was funded...

Subsequent Conversion by Purchaser Does Not Change Character of Agricultural Land Sold by Assessee:...

Hitting the Bull’s Eye: An attempt to Curb Illegit Black Money practice of purchase of Agricultural...

Double Taxation of Income Already Offered to Tax in Subsequent Assessment Year: Orissa HC Overrides...

Question of Nature of Property as Agricultural land or not, decided by DRAT without Considering...

Interest on Compensation on Acquisition of Agricultural Land to be Treated as Income from Other Sources: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench has carefully examined the complex issue of taxability of interest received under Section 28 of the Land Acquisition Act, 1894, and held that...

Agricultural Land Sold to Non-Agriculturist Remains Agricultural and cannot be treated as Capital Assets: ITAT [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that agricultural land sold to a non-agriculturist retains its status as agricultural land and cannot...

Agricultural Land Income Exempted from Tax cannot be Added to Book profits u/s 115 JB of Income Tax Act: Delhi HC dismisses Appeal [Read Order]

In a recent ruling, the Delhi High Court dismissed an appeal, stating that income from agricultural land, which is exempt from tax, cannot be included in the book profits when calculating under...

Purchase of Agricultural Land not fall under Definition of Capital Asset: ITAT deletes Addition [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee has purchased agricultural land, which is outside the definition of a capital asset; therefore, the deeming...

Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) rejected a claim for exemption under Section 54F of the Income Tax Act, as the exemption from sale of capital assets were claimed in the...

No Cogent Evidence to Establish that Properties Sold by Taxpayer are Agricultural Land: ITAT deletes Addition of Rs.16.8 lakhs [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs.16.8 lakhs, stating that there was no cogent evidence to establish that the properties sold by the taxpayer...

Agricultural Land purchased in Name of Wife Eligible for Capital Gain Deduction u/s 54B of Income Tax Act: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the agricultural land purchased in the name of the wife is eligible for capital gain deduction under Section 54B of the Income...