Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Stakeholder-list modification permits liquidators to update entries on new information, subject to notifying the Adjudicating Authority within prescri...
The ITAT considered a rectification order u/s 154 regarding MAT computation u/s 115JB on profit from the sale of agricultural land exempt from income tax. The Assessing Officer accepted the income initially but later raised the taxability issue under rectification. The Tribunal held that such profit, not a capital asset under normal provisions, cannot be taxed under MAT. Citing precedents, including HARRISONS MALAYALAM LTD. and others, it ruled that if AO did not treat the gain for book profit, the issue cannot be raised. Exempt income from agricultural land cannot be added to book profit for MAT calculation u/s 115JB. Decision favored the assessee.
The ITAT considered a rectification order u/s 154 regarding MAT computation u/s 115JB on profit from the sale of agricultural land exempt from income tax. The Assessing Officer accepted the income initially but later raised the taxability issue under rectification. The Tribunal held that such profit, not a capital asset under normal provisions, cannot be taxed under MAT. Citing precedents, including HARRISONS MALAYALAM LTD. and others, it ruled that if AO did not treat the gain for book profit, the issue cannot be raised. Exempt income from agricultural land cannot be added to book profit for MAT calculation u/s 115JB. Decision favored the assessee.
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