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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Unexplained investment in agricultural lands - loose paper ...

Income Tax

February 17, 2024

Unexplained investment in agricultural lands - loose paper seized relied upon - The ITAT found that the firm had shown the sale of some lands and offered the gain as business profit, supporting the argument that the lands belong to the firm. - The ITAT upheld the CIT(A)'s decision, noting that the seized document did not specifically mention the assessee's or the firm's names and the transactions mentioned in the document pertained to a different assessment year.

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  2. Exemption u/s 11 - withdrawing/cancelling the registration u/s.12AA - loose papers found in search relied upon -Such loose sheets are not signed and author of such sheet...

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  4. Addition made on the basis of loose papers found and seized from the third person - the jottings made without identification of any asset or investment cannot be the...

  5. 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

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