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2019 (9) TMI 101 - HC - Income TaxMAT computation - exclusion of revenue generated from sale of agriculture land from the book profit - Explanation to second proviso of Section 115JB(2)(ii) - HELD THAT:- “Revenue” derived from land is not deemed to have been included in any income arising from transfer of land. This Explanation was introduced with retrospective effect from 01.04.1989 and was subject matter of the challenge before Union of India Vs. S. Muthyam Reddy, [1999 (10) TMI 2 - SUPREME COURT] . The provision, per se, in opinion of the court, itself is clinching. In the absence of any specific definition as to what constitutes “revenue” under the Act, the normal meaning attributable (having regard to the rule of ejusdem generis, with respect to the expression “rent” used) would necessarily mean any form of income derived from the asset i.e. land which in turn pre-supposes its existence in the hands of assessee. The other interpretation given by the assessee, that even sale constitutes “revenue” cannot be pressed into service because the transaction of sale results in destruction of a revenue or rent generating asset. The court is of the opinion that no question of law arises.
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