https://www.taxtmi.com/caselaws?id=327653 The Tribunal dismissed the revenue's appeal, upholding the CIT (A)'s decision to delete both additions. The profit from the sale of agricultural land was deemed exempt under section 2(14) and section 10(1), as it was not considered business income. Furthermore, section 40A(3) was found not applicable to the cash payments for the purchase of land, as it was classified as an investment rather than a business expenditure. en-us Thu, 31 Mar 2016 00:00:00 +0530 Sat, 07 May 2016 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327653 The Tribunal dismissed the revenue's appeal, upholding the CIT (A)'s decision to delete both additions. The profit from the sale of agricultural land was deemed exempt under section 2(14) and section 10(1), as it was not considered business income. Furthermore, section 40A(3) was found not applicable to the cash payments for the purchase of land, as it was classified as an investment rather than a business expenditure. Case-Laws Income Tax Thu, 31 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327653