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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Gain arising on sale of plots - agricultural land - The ...

Income Tax

April 11, 2015

Gain arising on sale of plots - agricultural land - The continued organized efforts of the assessee and the value addition to the agricultural land is sufficient proof of the intention of the assessee to venture into trading activity in land - AT

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  9. Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

  10. Nature of land sold - sale of agricultural land or not - it is nowhere necessary for an assessee to prove carrying out actual agricultural activity of the land

 

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