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Income Tax - Highlights / Catch Notes

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Characterization of income - profit from sale of land - ...

Income Tax

February 29, 2020

Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement with REHWS - the activity carried by the assessee is ‘adventure in the nature of trade’ - AT

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  1. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  2. 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...

  3. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

  4. MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

  5. Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not...

  6. Capital gain - Valuation - FMV determination - Conversion of agriculture land - reference to DVO - CIT(A) has correctly observed that the land sold in current year is...

  7. Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

  8. Profit on the sale of agricultural land - merely because for whatever reason, the assessee has earned sufficiently huge amount of profit cannot be a ground to treat the...

  9. Nature of land sold - agricultural land - where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is...

  10. Capital gain - Nature of land - Sale of agricultural land – There is no requirement in any Act more especially the I.T. Act that only the self-cultivated land will be...

  11. Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

  12. Nature of land sold appurtenant to the bungalow - whether agricultural land within the meaning of Section 2(14)(a)(iii) of the Act and hence, its sale proceeds are...

  13. Gain on sale of land - Short Term Capital Gain OR business income - the assessee converted the agricultural land into non-agricultural purpose - The above transaction is...

  14. At the relevant point of sale of the land in question, the surrounding area was totally undeveloped and except mere future possibility to put the land into use for...

  15. Levy of capital gains tax on sale of agricultural land - just because, the assessee has not been able to generate desired agricultural income from the said lands would...

 

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