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Agricultural Land

Agricultural Land is at 2.75 Km from Municipal Limit as per Google Map: ITAT quashes Capital Gain Addition [Read Order]

The Raipur Bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed a long-term capital gains addition after holding that the land sold by...

Property not Proven as Agricultural Land: DRAT dismisses Appeal against PNB in SARFAESI Case [Read...

ITAT allows Assessee’s Plea of Farmhouse Construction from Funds Derived from Agricultural...

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 Appellate Remedy and Remits Order [Read Order]

The Orissa HighCourt recently set aside an assessment order passed under Section 147 read with Section 144 and 144B of the Income Tax Act, 1961, observing plausibility of double taxation of the same...

Question of Nature of Property as Agricultural land or not, decided by DRAT without Considering Evidence Submitted: Madras HC Remands Matter [Read Order]

The High Court of Madras remanded the challenge on nature of the property as agricultural land or not towards the Debt Recovery Appellate Tribunal, Chennai (“DRAT”) on finding that the tribunal...

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...