https://www.taxtmi.com/caselaws?id=392697 Profit from the sale of rural agricultural land, being outside the definition of capital asset under section 2(14)(iii), was treated as agricultural income exempt under section 10(1). Because the first Explanation to section 115JB permits reduction for income covered by sections 10, 11 or 12, and MAT operates only as an alternate computation mechanism, the resulting profit could not be included in book profit. The issue was decided in favour of the assessee. en-us Thu, 20 Feb 2020 00:00:00 +0530 Wed, 26 Feb 2020 11:46:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392697 Profit from the sale of rural agricultural land, being outside the definition of capital asset under section 2(14)(iii), was treated as agricultural income exempt under section 10(1). Because the first Explanation to section 115JB permits reduction for income covered by sections 10, 11 or 12, and MAT operates only as an alternate computation mechanism, the resulting profit could not be included in book profit. The issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392697