CIT was not justified in invoking section 263 in holding that ...

Income Tax

July 29, 2018

CIT was not justified in invoking section 263 in holding that income from growing of mushroom is an agricultural income. However, no fault can be found with the order of the ld. CIT in directing the Assessing Officer to verify the quantum of income from growing of mushroom.

View Source

← Previous Next →

CIT was not justified in invoking section 263 in holding that ...

Income Tax

July 29, 2018

You may also like:

Income from growing of sale of mushroom – AO has given a clear-cut finding that the shed in which mushrooms were grown by the assessee, is located within the residential...

Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

Trade tax on mushroom - mushroom has been excluded from category of fresh fruits and green vegetables. - not exempted - HC

Agricultural income - exemption u/s 10(1) - Merely because instead of horizontal use on soil, vertical space is used, does the growth of mushrooms stand apart from...

Assessing Officer was not justified in treating agricultural income in respect of sale of breeder seeds and foundation seeds as non-agricultural income - AT

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...

Excise duty payable on fresh mushrooms - The fact that fresh mushrooms classified in the general category under heading 07.02 of the Central Excise Tariff prior to the...

Revision u/s 263 - claim of TDS - In the absence of any demonstrable loss of revenue, interference in exercise of power u/s 263 cannot be justified - AT

Agricultural income - sale of timber of the trees that were grown on the border of his land - ITO clearly observed that when he visited land, he found around 30 stems of...

Revision u/s 263 - Agricultural income - the assessee has only proved that the land is an agricultural land. The assessee in order to prove the agricultural income had...

Quick Updates: