AO to Examine Agricultural Land Records for Capital Asset Status u/s 2(14); Penalty Avoidance Possible u/s 271(1)(c).

AO to Examine Agricultural Land Records for Capital Asset Status u/s 2(14); Penalty Avoidance Possible u/s 271(1)(c). https://www.taxtmi.com/highlights?id=51261 Penalty u/s 271(1)(c) - AO directed to call for record of the alleged agricultural land and find out whether it was an agricultural land not falling within the ambit of expression “capital asset” provided in Section 2(14) of the Income-tax Act. In case it is found that it was not a capital asset, then the assessee will not be visited with penalty en-us Thu, 16 Jan 2020 18:55:49 +0530 Thu, 16 Jan 2020 18:55:49 +0530 TaxTMI RSS Generator AO to Examine Agricultural Land Records for Capital Asset Status u/s 2(14); Penalty Avoidance Possible u/s 271(1)(c). https://www.taxtmi.com/highlights?id=51261 Penalty u/s 271(1)(c) - AO directed to call for record of the alleged agricultural land and find out whether it was an agricultural land not falling within the ambit of expression “capital asset” provided in Section 2(14) of the Income-tax Act. In case it is found that it was not a capital asset, then the assessee will not be visited with penalty Highlights Income Tax Thu, 16 Jan 2020 18:55:49 +0530 https://www.taxtmi.com/highlights?id=51261