Key legal issues and the Tribunal's holdings: Agricultural land ...

Agricultural Land Sale Exempt from Capital Asset Tax; Some Additions Upheld for Stamp Duty Violations and Cash Payments.

August 22, 2024

Case Laws Income Tax AT

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cash balance. Cash deposits of loan repayments not treated as unexplained u/s 69A. Unsecured loans addition u/s 68 deleted as loans properly explained. Increase in capital account addition deleted as source explained. Unexplained investment addition partly upheld for excess unaccounted consideration. Relief granted for differential consideration added in wrong year. Credits in bank accounts not treated as unexplained income as attributable to declared income. Family pension addition deleted as only declared amount received.

View Source

← Previous Next →

Key legal issues and the Tribunal's holdings: Agricultural land ...

Agricultural Land Sale Exempt from Capital Asset Tax; Some Additions Upheld for Stamp Duty Violations and Cash Payments.

August 22, 2024

Case Laws Income Tax AT

You may also like:

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession....

The ITAT considered an appeal regarding an addition u/s 56(2)(x) where the property in question was agricultural land. The difference between the consideration paid and...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the...

Nature of land sold - Capital asset u/s 2(14) or agricultural land - If both the conditions are present then it would not be agricultural land and would be treated as...

The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

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...

Agricultural land which is beyond 8 Kms from municipal limits is not a capital asset - AT

MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

Capital gain on sale of land - Nature of land sold - agricultural land - calculation of shortest route - , although there is no doubt that conflicting reports were...

Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

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...

Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition,...

Quick Updates: