TMI Blog2019 (9) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... itutes 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. - D.B. Income Tax Appeal No. 53/2019 - - - Dated:- 19-7-2019 - Hon'ble The Chief Justice And Hon'ble Mr. Justice Sanjeev Prakash Sharma For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Products Ltd. Vs. CIT Vijayawada in ITA No.451/Vizag/2012 iv. ACIT, Circle-1, Kottayam vs. The Nilgiri Tea Estate Ltd; I.T.A. No.37/Coch/2014 4. The reasoning of the CIT(A), is as follows: 5.10 The scope of Explanation 1 to section 2(1A) is explained by the Hon ble Supreme Court in the case Singhal Rakesh Kumar vs. Union of India as under: 9. It appears that by reason of the decision of the Bombay High Court in Manubhai A. Seth v. N.D. Nirgudkar, Second ITO [1981] 128 ITR 87.1 an Explanation was added by the Finance Act, 1989, with effect from 1-4-1970 to clause (1A) of section 2 which reads as thus: Explanation.-For the removal of doubts, it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rged in support of the appeal are related particularly to the provision of Section 2(14) and Section 10(1) and further stated that on account of these inclusions, amounts could not have been disallowed, having regard to relevant second proviso to Section 115JB(2). He relied upon rulings of the Tribunal which were recorded by the CIT(A). Lastly, it was urged that upon sale of agriculture property, the amount received can very well be considered as revenue in the light of Explanation-1 to Section 2(1A) of the Act. 7. Section 2(1A)(a) of the Act reads as under: 2(1A): agricultural income means (a) any rent or revenue derived from land which is situated in India and is used ..... X X X X Extracts X X X X X X X X Extracts X X X X
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