Home Highlights July 2015 Year 2015 This

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1. 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...

2. 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...

3. Lease income derived from the agricultural land - "income from other source" OR “agricultural income” which is exempt from tax u/s.10(1) - unless there is some measure...

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

5. Income from land as agricultural income or business income – AO's contention that the assessee cannot own agricultural land, as per the Karnataka Land Reforms Act, 1961,...

6. 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...

7. Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

8. Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

9. 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...

10. 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...

11. Agricultural land or capital asset - Even if we accept the contention of the Revenue that no agricultural production was done by the assessee on this land, this mere...

12. Correct head of income - rental income - assessee had got lease right from the Rajasthan govt. on the land for a period of 20 years - for the purpose of section 22 of...

13. Exemption on agricultural income - firm is not the owner of such agricultural land but the partners - assessee firm though not being the owner of the agricultural land...

14. Treatment of agricultural income - as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale...

15. Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...