https://www.taxtmi.com/caselaws?id=472630 Agricultural-land exemption claims require factual verification where newly obtained official material concerns horticultural use and the land's character; taxability therefore remains for fresh adjudication. Consideration described as compensation on cancellation of a real-estate joint venture is revenue/business income where stock-in-trade land and development rights are conveyed, with no separate right or income-producing apparatus lost. The same income cannot be taxed on both accrual and receipt, requiring verification of prior inclusion. Housing-project deduction eligibility depends on whether buildings form one project and on applicable approvals. Unsupported ad hoc expense disallowance lacks an evidentiary basis, whereas proportionate motor-car expense and depreciation restriction can apply where exclusive business use is unproved. en-us Mon, 31 Oct 2022 00:00:00 +0530 Mon, 19 Oct 2026 12:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472630 Agricultural-land exemption claims require factual verification where newly obtained official material concerns horticultural use and the land's character; taxability therefore remains for fresh adjudication. Consideration described as compensation on cancellation of a real-estate joint venture is revenue/business income where stock-in-trade land and development rights are conveyed, with no separate right or income-producing apparatus lost. The same income cannot be taxed on both accrual and receipt, requiring verification of prior inclusion. Housing-project deduction eligibility depends on whether buildings form one project and on applicable approvals. Unsupported ad hoc expense disallowance lacks an evidentiary basis, whereas proportionate motor-car expense and depreciation restriction can apply where exclusive business use is unproved. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472630