https://www.taxtmi.com/caselaws?id=398751 Profit from sale of agricultural land located beyond municipal limits was exempt under section 10, and because that exempt income had been credited to the profit and loss account, section 115JB(2)(k)(ii) required its exclusion from book profit. The Revenue was bound to correct the mistaken inclusion and reduce the amount from book profit. The direction to compute tax after excluding the exempt agricultural-land profit was upheld, and the Revenue's challenge failed. en-us Mon, 21 Sep 2020 00:00:00 +0530 Tue, 22 Sep 2020 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398751 Profit from sale of agricultural land located beyond municipal limits was exempt under section 10, and because that exempt income had been credited to the profit and loss account, section 115JB(2)(k)(ii) required its exclusion from book profit. The Revenue was bound to correct the mistaken inclusion and reduce the amount from book profit. The direction to compute tax after excluding the exempt agricultural-land profit was upheld, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 21 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398751