https://www.taxtmi.com/caselaws?id=328809 In search assessment, declared agricultural income was accepted because the Revenue produced no incriminating material to show the receipts were not genuine, so the addition could not stand. The turnover discrepancy between seized material and audited books was not finally determined; the reconciliation offered by the assessee required verification, so the matter was remitted for fresh adjudication. Receipts from sale of agricultural land were not taxable as business income because the land was recorded and used as agricultural land, lay outside the relevant urban limits, and the purchaser's later development did not change its character at the time of transfer. en-us Wed, 27 Apr 2016 00:00:00 +0530 Wed, 15 Jun 2016 09:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328809 In search assessment, declared agricultural income was accepted because the Revenue produced no incriminating material to show the receipts were not genuine, so the addition could not stand. The turnover discrepancy between seized material and audited books was not finally determined; the reconciliation offered by the assessee required verification, so the matter was remitted for fresh adjudication. Receipts from sale of agricultural land were not taxable as business income because the land was recorded and used as agricultural land, lay outside the relevant urban limits, and the purchaser's later development did not change its character at the time of transfer. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328809