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TMI Blog2012 (2) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 115JB makes an exclusion in respect of income to which provision of sec. 10, i.e., incomes not included in the total income, is made per the provision, there is no corresponding provision for the profit on the sale of agricultural land, which stands excluded from the purview of taxation only by virtue of s. 2(14) r.w.s. 45 of the Act, i.e., on the basis that the said agricultural land is not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 115JB. As such, there is no basis for excluding the profit derived on the sale of its agricultural land by the assessee. Further, there is no question of the same being exigible for deduction on account of sec. 10 of the Act, which makes no reference to the said income. The assessee, on the other hand, relies on the decision by the tribunal in the case of Harrisons Malayalam Ltd. vs. ACIT (supra), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concedes that the income is otherwise not chargeable to tax under the regular provisions of the Act. The provisions of Chapter XII-B of the Act do not, in our view, operate to extend the scope of `total income' per section 5 on which the charge to tax u/s. 4 is attracted, but is only toward providing an alternative basis for computing the same. Reference by the ld. CIT(A) to the Circular No. 550 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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