MINIMUM ALTERNATIVE TAX -115JB OF INCOME TAX ACT, 1961, Income Tax

[b g reddy]

weather sale of agriculture land beyond 8 km from municipal limits by a company attracts MAT or not .pleaseclarift

thanks

Posts / Replies

[GOPALJI AGRAWAL]

Since agricultural land is not capital asset hence its gain is not taxable under income tax. But there is no exclusion clause in the MAT provisions for excluding such incomes. However in a case of Delhi Gymkhana Club Limited Vs. CIT 2010, it was held that income not taxable on the ground of mutuality can not be taxed u/s 115JB.

 

I also seek any different view on the matter.

[b g reddy]

 GOPALJI AGRAWAL ,thank you very much for the reply to my query, but we did not find the Delhi Gymkhana Club Limited Vs. CIT 2010 case details,please clarify this where we get the case details