Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Correct head of income - characterization of receipts - income derived from saplings or seedlings grown in nursery - Agricultural income or income from other sources. During assessment proceedings, assessee produced details such as land ownership deriving income from nursery plants and tissues sale, ledger copy, water charges, power, fuel, repair, maintenance, and bank statements for 2015-2017 period. As per explanation 3 to section 2(1A) defining agricultural income, income from saplings or seedlings grown in nursery is deemed agricultural income, not taxable as income from other sources. AO and CIT(A) observed that sales register lacked complete details like address, order date, supply date, nature, mode of supply and sale consideration from different parties amounting to Rs. 1,73,50,000/-. For limited purpose of examining this, matter remanded to AO's file. Assessee's appeal partly allowed for statistical purposes.
Correct head of income - characterization of receipts - income derived from saplings or seedlings grown in nursery - Agricultural income or income from other sources. During assessment proceedings, assessee produced details such as land ownership deriving income from nursery plants and tissues sale, ledger copy, water charges, power, fuel, repair, maintenance, and bank statements for 2015-2017 period. As per explanation 3 to section 2(1A) defining agricultural income, income from saplings or seedlings grown in nursery is deemed agricultural income, not taxable as income from other sources. AO and CIT(A) observed that sales register lacked complete details like address, order date, supply date, nature, mode of supply and sale consideration from different parties amounting to Rs. 1,73,50,000/-. For limited purpose of examining this, matter remanded to AO's file. Assessee's appeal partly allowed for statistical purposes.
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