https://www.taxtmi.com/caselaws?id=313613 The ITAT Bangalore ruled in favor of the appellant in an assessment under section 153C following search and seizure action. The AO had treated the sale of agricultural lands as adventure in the nature of trade, but the tribunal held that additions cannot be sustained without seized material found during search. The tribunal determined that the land sold should be treated as agricultural land since continuous agricultural operations were conducted until sale, despite conversion. The assessment was based on insufficient seized material evidence, and the appellant's claim for agricultural land treatment was accepted. The tribunal allowed the appellant's grounds while dismissing other academic grounds. en-us Mon, 18 Apr 2022 00:00:00 +0530 Thu, 25 Apr 2024 06:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313613 The ITAT Bangalore ruled in favor of the appellant in an assessment under section 153C following search and seizure action. The AO had treated the sale of agricultural lands as adventure in the nature of trade, but the tribunal held that additions cannot be sustained without seized material found during search. The tribunal determined that the land sold should be treated as agricultural land since continuous agricultural operations were conducted until sale, despite conversion. The assessment was based on insufficient seized material evidence, and the appellant's claim for agricultural land treatment was accepted. The tribunal allowed the appellant's grounds while dismissing other academic grounds. Case-Laws Income Tax Mon, 18 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313613