Home Highlights March 2015 Year 2015 This

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1. Assessing Officer was not justified in treating agricultural income in respect of sale of breeder seeds and foundation seeds as non-agricultural income - AT

2. Exemption u/s 10 (1) - agriculture income - contract farming - Merely because the assessee took the land on lease for conducting their research operations to produce the...

3. Rejection of application for settlement of the Case - full and true disclosure of the income - the manner in which such income has been derived - Section 245(C) of the...

4. Whether the Tribunal was right in holding that the income derived by the assessee from manufacturing of seeds and sale of the same would amount to agricultural income...

5. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

6. Disallowance of Agricultural income - nature of income from sale of agricultural produce, i.e. , sugarcane seeds grown by the assessee from the lease hold land carrying...

7. Agricultural activity or not - production of specialized seeds in the leased lands, (1) making of certified seeds; (2) undertaking other processing activities and...

8. Eligibility of exemption u/s 10(1) - Agriculture income - income earned from the sale of hybrid seeds - Agriculture process - license holder of the land - Since the...

9. Agricultural income - correctly held that there is no merit in assessing total receipts in the hands of assessee and at best, the AO could have determined the...

10. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

11. Denial of exemption u/s 11 - Assessee is claimed to be a trust carrying on activities of providing swimming pool facilities for aquatic events and training and...

12. Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from...

13. Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

14. Revision u/s 263 - agricultural activity - Seeds cannot be produced without basic agricultural activities. The assessee has sold the seeds and must have carried out the...

15. Penalty u/s 271 AAA - source and manner in which the undisclosed income was derived - where no statement u/s 132(2) of the Act is recorded or specific query is made...