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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

After purchase of the property, no agricultural operations were ...

Income Tax

September 2, 2015

After purchase of the property, no agricultural operations were carried on by the appellants and further that the property was sold within a short period which discloses nothing but an adventure in the nature of trade liable to be taxed - HC

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  1. LTCG - no capital gains arises on the sale of agricultural land even though purchaser purchased the property with an intention of selling it for non-agricultural purposes - AT

  2. Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

  3. 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

  4. 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...

  5. Nature of land sold after plotting - Agriculture land or not - Merely for the reason that no agricultural operations was carried out during the period and subsequent use...

  6. Exemption u/s 54B - agriculture land or not - land was just adjacent to the sea - To carry agricultural operation water is very much required and sea water is not useful...

  7. Exemption u/s 10(1) - agricultural income - proof of agricultural operations - business of plant floriculture / tissue culture - exemption allowed.

  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. Exemption claimed u/s 54B - exemption denied as AO concluded there was no agricultural operation carried out the lands in dispute - the assessee has furnished the...

  10. Nature of land sold - capital asset u/s 2(14) or agricultural land - If the previous owner did not carry out agricultural activity on an agricultural land, however did...

 

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