https://www.taxtmi.com/caselaws?id=285247 Profit from the transfer of agricultural land, treated as agricultural income, is excluded from total income and correspondingly reduced in computing book profit for MAT purposes. Where the Assessing Officer has adopted this legally permissible treatment, the assessment is not erroneous merely because the profit was excluded from book profit. Revisionary jurisdiction cannot be invoked on that basis, and the revision was set aside. The principle applies where the land qualifies as agricultural land and the transfer profit is accepted as agricultural income. 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, treated as agricultural income, is excluded from total income and correspondingly reduced in computing book profit for MAT purposes. Where the Assessing Officer has adopted this legally permissible treatment, the assessment is not erroneous merely because the profit was excluded from book profit. Revisionary jurisdiction cannot be invoked on that basis, and the revision was set aside. The principle applies where the land qualifies as agricultural land and the transfer profit is accepted as agricultural income. Case-Laws Income Tax Wed, 30 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285247