https://www.taxtmi.com/caselaws?id=180404 Profit from the sale of agricultural land was treated as a capital receipt outside the charge of capital gains under the regular provisions, because agricultural land is excluded from the definition of capital asset. The Tribunal also stated that Chapter XII-B operates only as an alternate method for computing book profit and does not enlarge the scope of total income under sections 4 and 5. Applying its earlier view on the same question and the CBDT circular relied on by the first appellate authority, it held that the amount could not be brought into book-profit computation under section 115JB, and the addition was deleted. en-us Wed, 29 Feb 2012 00:00:00 +0530 Sat, 16 Apr 2016 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180404 Profit from the sale of agricultural land was treated as a capital receipt outside the charge of capital gains under the regular provisions, because agricultural land is excluded from the definition of capital asset. The Tribunal also stated that Chapter XII-B operates only as an alternate method for computing book profit and does not enlarge the scope of total income under sections 4 and 5. Applying its earlier view on the same question and the CBDT circular relied on by the first appellate authority, it held that the amount could not be brought into book-profit computation under section 115JB, and the addition was deleted. Case-Laws Income Tax Wed, 29 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180404