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2020 (2) TMI 1141 - AT - Income TaxMAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - . CIT(A)held that profit from sale of agriculture land which is not a "Capital Asset" cannot be included for the purpose of computing book profit u/s 115JB - HELD THAT:- The assessee held the agricultural land for more than 9 years as investment and this land was situated in rural area more than 17 Km away from Municipal Limit. This land was used for agricultural purpose and considering the location of this land, in near future it cannot be used for non-agricultural purposes. The AO himself has accepted that the land is an agricultural land out of definition of capital assets. No infirmity in the order of the ld. CIT(A) for holding that the gain arising from sale of agricultural land cannot be taxed U/s 115JB of the Act. The detailed finding so recorded by the ld. CIT(A) after applying judicial pronouncements are as per the material on record which do not require any interference on our part. Hence, we uphold the same.
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