Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The ITAT upheld the CIT(A)'s finding that the assessee's sale of eight parcels of land constituted transfer of agricultural land, not non-agricultural land, for capital gains tax purposes. Although the lands were subsequently converted to non-agricultural use by the purchasers, the assessee sold the land while it remained agricultural in nature, as evidenced by land records and sale deeds. The conditional nature of conversion under section 63(AA), requiring conversion within 90 days or else cancellation of the sale deed, supports this conclusion. Consequently, the profits from the sale do not attract capital gains tax as non-agricultural land. The Revenue's appeal was dismissed, affirming that the assessee's short-term gains from agricultural land sales are not taxable under the capital gains provisions applicable to non-agricultural land.
The ITAT upheld the CIT(A)'s finding that the assessee's sale of eight parcels of land constituted transfer of agricultural land, not non-agricultural land, for capital gains tax purposes. Although the lands were subsequently converted to non-agricultural use by the purchasers, the assessee sold the land while it remained agricultural in nature, as evidenced by land records and sale deeds. The conditional nature of conversion under section 63(AA), requiring conversion within 90 days or else cancellation of the sale deed, supports this conclusion. Consequently, the profits from the sale do not attract capital gains tax as non-agricultural land. The Revenue's appeal was dismissed, affirming that the assessee's short-term gains from agricultural land sales are not taxable under the capital gains provisions applicable to non-agricultural land.
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