https://www.taxtmi.com/caselaws?id=267777 Reassessment initiated within four years and based on audit information pointing to possible escapement of income was treated as valid; the challenge on jurisdiction and change of opinion failed. Nursery receipts from plants grown on agricultural land were held to fall within agricultural income under section 10(1), with the later Explanation 3 to section 2(1A) treated as clarificatory and consistent with prior judicial authority. The reopening was upheld, but the addition treating nursery receipts as business income was deleted, and exemption was allowed on the nursery income. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 12:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267777 Reassessment initiated within four years and based on audit information pointing to possible escapement of income was treated as valid; the challenge on jurisdiction and change of opinion failed. Nursery receipts from plants grown on agricultural land were held to fall within agricultural income under section 10(1), with the later Explanation 3 to section 2(1A) treated as clarificatory and consistent with prior judicial authority. The reopening was upheld, but the addition treating nursery receipts as business income was deleted, and exemption was allowed on the nursery income. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267777