TMI BlogAddition of undisclosed income arising out of sale of land - on-money - Once, nature and character of...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 capital asset u/s. 2(14)(iii) of the Act, any income arising out of sale of such land – whether by way of declared sale consideration or on account of on-money, would partake the character of exempt income, as the source of both the declared sale consideration and the on-money received is the same, viz., sale of agricultural land. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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