https://www.taxtmi.com/caselaws?id=347243 The Tribunal ruled in favor of the assessee, holding that the surplus from the sale of agricultural land should not be treated as business income. The agricultural income was deemed exempt under section 10(1) of the Income Tax Act. The levy of interest under sections 234B and 234D was considered consequential and not the primary focus of the appeal. The Tribunal found that the land was used for agricultural purposes and not for real estate business, thus allowing the appeal and deciding in favor of the assessee on all grounds. en-us Fri, 16 Jun 2017 00:00:00 +0530 Thu, 31 Aug 2017 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347243 The Tribunal ruled in favor of the assessee, holding that the surplus from the sale of agricultural land should not be treated as business income. The agricultural income was deemed exempt under section 10(1) of the Income Tax Act. The levy of interest under sections 234B and 234D was considered consequential and not the primary focus of the appeal. The Tribunal found that the land was used for agricultural purposes and not for real estate business, thus allowing the appeal and deciding in favor of the assessee on all grounds. Case-Laws Income Tax Fri, 16 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347243