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Deduction u/s 54B of IT Act shall not be disallowed, if Agriculture Land convert to Non-Agriculture just before Transfer of Land to Seller: ITAT [Read Order]

Aparna. M

The Surat bench of Income Tax Appellate Tribunal (ITAT) has recently held that deduction under Section 54B of Income Tax Act 1961 should not be...

Sale Consideration of Agricultural Land Assessed to Tax without Adjusting the Cost of Acquisition:...

Income Arising from Sold Land Established as Agricultural Land cannot be Treated as Capital Asset:...

ED - Agricultural Land - ED attaches Agricultural Land - building of Hemkunt Foundation - Hemkunt Foundation under PMLA Provisions - PMLA Provisions - PMLA - taxscan

ED attaches Agricultural Land and building of Hemkunt Foundation under PMLA Provisions

No addition can be made u/s 69A of Income Tax Act on cash received on sale of Ancestral...

Agricultural Land is Not Capital Asset u/s 2(14)(iii)(b) of Income Tax Act, No Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Jaipur Bench, has recently, in an appeal filed before it, held that there is no capital gain in case of agricultural land as the same is not a capital...

S. 54B of Income Tax Act providing Income Tax Deduction is a Beneficial Provision, Shall be Interpreted Strictly: ITAT [Read Order]

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that section 54B of Income Tax Act 1961 provided income tax deduction and it was a beneficial provision hence it should be...

Valuation of Agricultural Land as ‘Non-Agricultural’ by for Stamp Papers Not a Ground to Deny Tax Benefit u/s 54B: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal has held that the valuation of agricultural lands as ‘Non-Agricultural’ for stamp papers could not be a ground to deny the tax benefit under Section...

Receipt from Conversion of Agricultural Land into Non-Agricultural Purpose is “Business Income”: ITAT [Read Order]

The Rajkot Bench of Income Tax Appellate Tribunal (ITAT) has held that the receipt from conversion of agricultural land into Non-Agricultural purpose would be treated as business income. Naresh...

Sale Proceeds of Agricultural Land Not Taxable as Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that sale proceeds of agricultural land is not taxable as capital gain. The aforesaid...

Capital Gain Exemption u/s 54B cannot be Denied if Agricultural Land was Purchased in Wife’s Name: ITAT [Read Order]

Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the capital gain exemption under section 54B of Income Tax Act, 1961. The tribunal stated that such deduction shall not be denied merely...

Agricultural Land used for Agricultural purposes is entitled for Exception u/s 2(14) of Income Tax Act: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), ruled that agricultural land used for agricultural purposes is entitled for exception under Section 2(14) of the Income Tax Act, 1961. ...

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