https://www.taxtmi.com/caselaws?id=285247 Profit from the transfer of agricultural land is treated as agricultural income and is excluded from total income under section 10 of the Income-tax Act, 1961; on the same reasoning, it must also be reduced while computing book profit under section 115JB. Where the Assessing Officer has adopted that legally permissible view in regular assessment, the Commissioner cannot invoke revision under section 263 merely to rework the MAT computation. The note follows a coordinate bench view on identical facts and states that revision was not sustainable. en-us Wed, 30 Jul 2014 00:00:00 +0530 Sun, 05 Jan 2020 09:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285247 Profit from the transfer of agricultural land is treated as agricultural income and is excluded from total income under section 10 of the Income-tax Act, 1961; on the same reasoning, it must also be reduced while computing book profit under section 115JB. Where the Assessing Officer has adopted that legally permissible view in regular assessment, the Commissioner cannot invoke revision under section 263 merely to rework the MAT computation. The note follows a coordinate bench view on identical facts and states that revision was not sustainable. Case-Laws Income Tax Wed, 30 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285247