https://www.taxtmi.com/caselaws?id=362680 The Appellate Tribunal ITAT KOLKATA ruled in favor of the assessee on all issues. The addition of Labour Charges on Cutting Charges was deleted as it was made on a presumption basis without proper enquiry. The disallowance of Development Cost in the computation of Short Term Capital Gains on sales of land was also overturned, with the Tribunal holding that profit on the sale of agricultural land cannot be taxed under the Income Tax Act. The additional grounds related to the nature of the land being agricultural and no capital gains were accepted, resulting in the appeal being allowed in favor of the assessee. en-us Wed, 27 Jun 2018 00:00:00 +0530 Sat, 30 Jun 2018 08:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362680 The Appellate Tribunal ITAT KOLKATA ruled in favor of the assessee on all issues. The addition of Labour Charges on Cutting Charges was deleted as it was made on a presumption basis without proper enquiry. The disallowance of Development Cost in the computation of Short Term Capital Gains on sales of land was also overturned, with the Tribunal holding that profit on the sale of agricultural land cannot be taxed under the Income Tax Act. The additional grounds related to the nature of the land being agricultural and no capital gains were accepted, resulting in the appeal being allowed in favor of the assessee. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362680