https://www.taxtmi.com/caselaws?id=71940 The ITAT Ahmedabad, in a judgment on July 31, 2008, ruled on the classification of land under the Income-tax Act, 1961, and treatment of undisclosed income. The ITAT found the land transferred to a firm to be agricultural, not a capital asset, reversing lower authorities' decisions. The Revenue's appeal on unexplained investments and expenses was dismissed due to the tax effect being less than Rs. 2 lakhs, following CBDT Circular and precedents. en-us Thu, 31 Jul 2008 00:00:00 +0530 Mon, 13 Jun 2011 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71940 The ITAT Ahmedabad, in a judgment on July 31, 2008, ruled on the classification of land under the Income-tax Act, 1961, and treatment of undisclosed income. The ITAT found the land transferred to a firm to be agricultural, not a capital asset, reversing lower authorities' decisions. The Revenue's appeal on unexplained investments and expenses was dismissed due to the tax effect being less than Rs. 2 lakhs, following CBDT Circular and precedents. Case-Laws Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71940