https://www.taxtmi.com/caselaws?id=442479 The Tribunal allowed the appeals filed by the assessee for Assessment Years 2012-13 and 2013-14, directing the AO to refund the taxes. The Tribunal found the AO's actions unsustainable, as the agricultural income was incorrectly included in business income, affecting the MAT calculation. Despite the AO accepting the revised computations showing business income at NIL and separating agricultural income, the refunds were not granted during rectification under Section 154. The Tribunal ruled that the AO should have excluded agricultural income from book profits for MAT computation and ordered the refunds accordingly. en-us Mon, 28 Aug 2023 00:00:00 +0530 Fri, 01 Dec 2023 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442479 The Tribunal allowed the appeals filed by the assessee for Assessment Years 2012-13 and 2013-14, directing the AO to refund the taxes. The Tribunal found the AO's actions unsustainable, as the agricultural income was incorrectly included in business income, affecting the MAT calculation. Despite the AO accepting the revised computations showing business income at NIL and separating agricultural income, the refunds were not granted during rectification under Section 154. The Tribunal ruled that the AO should have excluded agricultural income from book profits for MAT computation and ordered the refunds accordingly. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442479