https://www.taxtmi.com/caselaws?id=413399 Agricultural land situated in a gram panchayat, outside municipal or cantonment limits, does not fall within the capital asset definition under section 2(14)(iii), so sale proceeds and compensation for compulsory acquisition of such rural agricultural land are not taxable as capital gains. Compensation for partial demolition and acquisition of a house was also treated as non-taxable on the facts, because the amount did not exceed cost and no taxable transfer was established for the demolition component. An addition as unexplained credit failed where the assessee explained the source and accounting treatment of the agricultural land purchase, and ad hoc net profit estimation was rejected in the absence of defects in audited accounts or contrary material. en-us Thu, 30 Sep 2021 00:00:00 +0530 Mon, 11 Oct 2021 08:28:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413399 Agricultural land situated in a gram panchayat, outside municipal or cantonment limits, does not fall within the capital asset definition under section 2(14)(iii), so sale proceeds and compensation for compulsory acquisition of such rural agricultural land are not taxable as capital gains. Compensation for partial demolition and acquisition of a house was also treated as non-taxable on the facts, because the amount did not exceed cost and no taxable transfer was established for the demolition component. An addition as unexplained credit failed where the assessee explained the source and accounting treatment of the agricultural land purchase, and ad hoc net profit estimation was rejected in the absence of defects in audited accounts or contrary material. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413399