https://www.taxtmi.com/caselaws?id=754454 ITAT Delhi ruled in favor of the assessee regarding rectification proceedings under section 154 involving MAT computation under section 115JB. The Assessing Officer had accepted income from agricultural land sale as exempt under normal provisions during assessment under section 143(3) but later sought to tax it under MAT through rectification. The tribunal held that profit from agricultural land, being exempt income and not treated as book profit by the Assessing Officer, cannot be added to book profits for MAT calculation under section 115JB. The decision was supported by precedents from various ITAT benches including Harrisons Malayalam Ltd., Gontak Eximis Ltd., and Nilgiri Tea Estates Ltd. en-us Fri, 21 Jun 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754454 ITAT Delhi ruled in favor of the assessee regarding rectification proceedings under section 154 involving MAT computation under section 115JB. The Assessing Officer had accepted income from agricultural land sale as exempt under normal provisions during assessment under section 143(3) but later sought to tax it under MAT through rectification. The tribunal held that profit from agricultural land, being exempt income and not treated as book profit by the Assessing Officer, cannot be added to book profits for MAT calculation under section 115JB. The decision was supported by precedents from various ITAT benches including Harrisons Malayalam Ltd., Gontak Eximis Ltd., and Nilgiri Tea Estates Ltd. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754454