Revision u/s 263 - Agricultural income - the assessee has only ...

Income Tax

November 25, 2023

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 to furnish evidence regarding sale of agricultural products which was ignored by the Ld. AO. - Revision proceedings sustained - AT

View Source

← Previous Next →

Revision u/s 263 - Agricultural income - the assessee has only ...

Income Tax

November 25, 2023

You may also like:

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

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...

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...

Deduction u/s 54B - reinvestment of the sale proceeds of the agricultural land - The fact that the agricultural lands were situated within the 8 kilometres from the...

Revision u/s 263 - deduction u/s 54B - No specific enquiry with regard to the land use prior to its date of sale i.e. whether the land which was sold was used for...

Revision u/s 263 - deduction u/s 54B - transfer of agricultural land by Scheduled Caste person was prohibited under Land Reforms Act - when the transfer itself is...

Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

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...

Exemption u/s 10(37) - Assessee has received compensation on compulsory acquisition of urban agricultural land - Once sufficient material is placed that land was...

Revision u/s 263 - agricultural activity - Seeds cannot be produced without basic agricultural activities. The assessee has sold the seeds and must have carried out the...

Quick Updates: