https://www.taxtmi.com/caselaws?id=325560 The Tribunal upheld the classification of the land as agricultural and the treatment of profit on the sale of agricultural land as exempt agricultural income. However, it disagreed with including agricultural income in the book profit for computing income under Section 115JB of the Act. The appeal of the assessee was allowed, directing the Assessing Officer to reduce the profit on the sale of agricultural land from the book profit. The appeal of the Revenue was dismissed based on the classification of the land as agricultural and the treatment of profit as exempt agricultural income. en-us Fri, 05 Feb 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325560 The Tribunal upheld the classification of the land as agricultural and the treatment of profit on the sale of agricultural land as exempt agricultural income. However, it disagreed with including agricultural income in the book profit for computing income under Section 115JB of the Act. The appeal of the assessee was allowed, directing the Assessing Officer to reduce the profit on the sale of agricultural land from the book profit. The appeal of the Revenue was dismissed based on the classification of the land as agricultural and the treatment of profit as exempt agricultural income. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325560