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Income Tax - Highlights / Catch Notes

Home Highlights February 2018 Year 2018 This

Addition on the sale of plot of land - The nature of land had ...

Income Tax

February 27, 2018

Addition on the sale of plot of land - The nature of land had gone irreversible change from agricultural to residential plots - this was an adventure in the nature of trade and income has to be taxed under the head ‘profit and gains of business and profession’ - AT

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  1. Whether the sale of property was adventure in the nature of trade - Held no - The sale of agricultural plot was not by way of business purpose - HC

  2. 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...

  3. Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being...

  4. Nature of sale of land - whether plot of land is agricultural land or non agricultural land - classified as dry land for which Kisthu has been paid - the land in...

  5. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

  6. 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

  7. Assessment of Long Term Capital Gain U/sec 45(2) - conversion of land as stock-in-trade - sale of land after plotting - The assessee’s claim to compute long term capital...

  8. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  9. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  10. Capital gain - Nature of land - Sale of agricultural land – There is no requirement in any Act more especially the I.T. Act that only the self-cultivated land will be...

 

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