https://www.taxtmi.com/caselaws?id=313614 The ITAT Bangalore upheld the validity of assessment under section 153A, rejecting the assessee's contention that additions must be based on incriminating material found during search. The tribunal clarified that section 153A grants jurisdiction for six assessment years without requiring seized material as basis. However, regarding agricultural land transfer, the ITAT ruled in favor of the assessee, holding that continuous agricultural activities and accepted agricultural income established the land's agricultural nature. Despite conversion, the land retained agricultural character until sale, making gains exempt from capital gains tax. The assessment was modified accordingly for both assessment years. en-us Wed, 20 Apr 2022 00:00:00 +0530 Thu, 25 Apr 2024 06:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313614 The ITAT Bangalore upheld the validity of assessment under section 153A, rejecting the assessee's contention that additions must be based on incriminating material found during search. The tribunal clarified that section 153A grants jurisdiction for six assessment years without requiring seized material as basis. However, regarding agricultural land transfer, the ITAT ruled in favor of the assessee, holding that continuous agricultural activities and accepted agricultural income established the land's agricultural nature. Despite conversion, the land retained agricultural character until sale, making gains exempt from capital gains tax. The assessment was modified accordingly for both assessment years. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313614