Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Actual and continuous agricultural operations are not a mandatory statutory condition under section 2(14)(iii) where land is agricultural in character and lies beyond prescribed municipal limits. The ITAT noted that this provision follows an objective test based on municipal limits, population and urban proximity, unlike sections 54B and 10(37), and that actual cultivation is only an evidentiary factor, not the sole or independent test. On the facts, the land remained agricultural in records, was outside municipal limits and a no-development zone, and the capital gains addition was deleted.
Actual and continuous agricultural operations are not a mandatory statutory condition under section 2(14)(iii) where land is agricultural in character and lies beyond prescribed municipal limits. The ITAT noted that this provision follows an objective test based on municipal limits, population and urban proximity, unlike sections 54B and 10(37), and that actual cultivation is only an evidentiary factor, not the sole or independent test. On the facts, the land remained agricultural in records, was outside municipal limits and a no-development zone, and the capital gains addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
