Home Highlights February 2015 Year 2015 This

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1. Nature of land sold appurtenant to the bungalow - whether agricultural land within the meaning of Section 2(14)(a)(iii) of the Act and hence, its sale proceeds are...

2. 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...

3. Nature of Income - Dealing in vegetable seeds - Agricultural Income OR Business Income - the percentage of margin earned on sale of agricultural produce cannot be the...

4. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

5. Agricultural income - The finding of the CIT (A) is that the crops grown are commercial in nature. The definition of ‘Agricultural Income’ does not limit its application...

6. Whether the Tribunal was right in holding that the income derived by the assessee from manufacturing of seeds and sale of the same would amount to agricultural income...

7. Agricultural activity or not - production of specialized seeds in the leased lands, (1) making of certified seeds; (2) undertaking other processing activities and...

8. Deemed income from house property - farm house - whether land was used for the agriculture/horticulture business and hence, it shall be treated as an exempted income u/s...

9. Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly...

10. Agricultural income or not - Since no agricultural income has been shown by assessee’s husband in this year, the entire income has been considered as ‘income from other...

11. Exemption u/s 10(1) - Agricultural Income or not - A.O. held that the portion relating to other than supply of plants and saplings cannot be characterized as...

12. Classification of goods - rate of tax - agricultural implements namely latex collection cup, made of plastic, used exclusively for collection of rubber latex, an...

13. Deduction u/s 43B - Agricultural Income Tax - Main fault under any law for the time being in force means tax payable by the assessee for earning the income for which the...

14. Gains arising on sale of Agricultural land – Assessee might not have paid agricultural income-tax but is paying land revenue and village records clearly showed the land...

15. Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not...