Home Highlights August 2016 Year 2016 This

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1. Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

2. The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

3. Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

4. Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

5. Deduction u/s. 54B - agricultural land which is purchased prior to the sale of agricultural land - the assessee is not entitled to claim deduction u/s. 54B of the Act...

6. Deduction for TDS u/s 194LA on Compensation u/s 28 of Land acquisition Act - compensation being the value of agricultural land, the exclusion as provided shall be...

7. Nature of land sold - the decision to treat the transferred property as agricultural land is against law and facts, especially since the assessee has not established...

8. Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...

9. Nature of land sold - agricultural land - law does not prohibit in receiving the sale consideration by equity shares - The land sold by the assessee is an agricultural...

10. Deduction u/s 54B - assessee purchased agricultural land from the sale proceeds - the impugned land on which Ghas / Grass is shown as per revenue record was in the...

11. Exemption on agricultural income - firm is not the owner of such agricultural land but the partners - assessee firm though not being the owner of the agricultural land...

12. Gains arising on sale of Agricultural land – Assessee might not have paid agricultural income-tax but is paying land revenue and village records clearly showed the land...

13. Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

14. Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

15. TDS liability u/s 194LA - payments in lieu of the agriculture land acquired by JDA for carrying out its development plans - Barani land is a type of agricultural land...