Settlement application eligibility requires a pending assessment when filed, preventing an extra prior-eligibility condition from blocking considerati...
Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
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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TaxTMI 
TaxTMI 
of 4894 
