https://www.taxtmi.com/caselaws?id=271720 Earlier year investment and improvement costs disclosed in finalised returns could not be ignored in computing long-term capital gains, since no reassessment or revision had disturbed those returns. The full balance expenditure on agricultural land and a farm house was allowed where bank entries, sale deeds and a valuation report supported the claim and no diversion of funds was shown. The agricultural income addition was partly sustained because the record did not substantiate the entire income claimed. Exemption under section 54B was remanded for fresh consideration due to inadequate evidence on agricultural use, with liberty to produce further material. en-us Tue, 12 Jan 2016 00:00:00 +0530 Mon, 15 Feb 2016 00:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271720 Earlier year investment and improvement costs disclosed in finalised returns could not be ignored in computing long-term capital gains, since no reassessment or revision had disturbed those returns. The full balance expenditure on agricultural land and a farm house was allowed where bank entries, sale deeds and a valuation report supported the claim and no diversion of funds was shown. The agricultural income addition was partly sustained because the record did not substantiate the entire income claimed. Exemption under section 54B was remanded for fresh consideration due to inadequate evidence on agricultural use, with liberty to produce further material. Case-Laws Income Tax Tue, 12 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271720