Monday, 27 October 2014

S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes

DCIT vs. M. Kalyan Chakravarthy (ITAT Hyderabad)


The only reason the A.O. treated the land as non-agricultural land was that ‘agreement of sale’ read with ‘Irrevocable GPA’ does not indicate that land retained the character of agriculture at the time of transfer. This was also the ground raised by Revenue in the appeal that M/s. Ramky Estates and Farms P. Ltd., may […]
-

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

ITAT Special Bench allows deduction for provisioning made by banks on standard assets

  This Tax Alert summarizes a Special Bench ruling of the Chandigarh Income-tax Appellate Tribunal (ITAT) in the case of Malwa Gramin Bank [...