https://www.taxtmi.com/caselaws?id=400422 The Tribunal dismissed the Revenue's application for recall/rectification of an order concerning the treatment of profit from the sale of agricultural land. It held that the income derived from the sale of agricultural land could not be classified as business income since the land was not a business asset. The Tribunal concluded that the Revenue's application was an attempt to challenge the appeal order rather than rectify a mistake apparent on the face of the record, and therefore, it was not entertained under section 254(2) of the Income Tax Act, 1961. en-us Wed, 04 Nov 2020 00:00:00 +0530 Fri, 06 Nov 2020 10:02:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400422 The Tribunal dismissed the Revenue's application for recall/rectification of an order concerning the treatment of profit from the sale of agricultural land. It held that the income derived from the sale of agricultural land could not be classified as business income since the land was not a business asset. The Tribunal concluded that the Revenue's application was an attempt to challenge the appeal order rather than rectify a mistake apparent on the face of the record, and therefore, it was not entertained under section 254(2) of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 04 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400422