TaxTMI 
TaxTMI 
2019 (9) TMI 101
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.... the Respondent(s) : None JUDGMENT 1. The appellant-assessee is aggrieved by the order of the Income Tax Appellate Tribunal ("ITAT") in this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred as the "Act"). 2. The question of law urged by the assessee is that the ITAT fell into error in ignoring the Explanation to second proviso of Section 115JB(2)(ii) of the Act. 3. T....
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....(Cochin) ii. S.K. Celebration Pvt. Ltd. in ITA/367/NGP/2014 iii. Agri Gold Foods & Farm 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 Ra....
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....s outside the ambit of revenue derived from land, and therefore, outside the ambit of 'agricultural income'. Such income, therefore, is liable to capital gains tax chargeable under section 45 of the 1961 Act." 5. The revenue appealed to the ITAT, which was of the opinion that the Assessing Officer's findings were correct. The ITAT held that agricultural income is undoubtedly exempted under Sectio....
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....lowed, 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 incom....