CIT was not justified in invoking section 263 in holding that ...

CIT wrongly used Section 263 to classify mushroom cultivation income as non-agricultural; verification order for income upheld.

July 29, 2018

Case Laws Income Tax AT

CIT was not justified in invoking section 263 in holding that income from growing of mushroom is an agricultural income. However, no fault can be found with the order of the ld. CIT in directing the Assessing Officer to verify the quantum of income from growing of mushroom.

View Source

← Previous Next →

CIT was not justified in invoking section 263 in holding that ...

CIT wrongly used Section 263 to classify mushroom cultivation income as non-agricultural; verification order for income upheld.

July 29, 2018

Case Laws Income Tax AT

You may also like:

Income derived from cultivation and sale of white button mushrooms was characterized as agricultural income exempt u/s 10(1) of the Income Tax Act, following the...

Lease income derived from the agricultural land - "income from other source" OR “agricultural income” which is exempt from tax u/s.10(1) - unless there is some measure...

Agricultural income or not - Since no agricultural income has been shown by assessee’s husband in this year, the entire income has been considered as ‘income from other...

Agricultural income - assessee has not maintained separate books of account related to agricultural income - orders of CIT (Appeals) on the issue of estimation of...

The ITAT Bangalore, in a case involving unexplained money u/s. 69A, addressed deposits in a bank account during the demonetisation period. The DR argued that the...

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...

Agricultural income - exemption u/s 10(1) - Merely because instead of horizontal use on soil, vertical space is used, does the growth of mushrooms stand apart from...

Allocating expenses to agricultural income and non-agricultural income - AO having accepted fact that Head Office expenses needs to be apportioned between agricultural...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Cash deposits in savings bank account treated as long-term capital gains from sale of agricultural land. Assessee claimed income from export-quality rose cultivation...

Agricultural income - The finding of the CIT (A) is that the crops grown are commercial in nature. The definition of ‘Agricultural Income’ does not limit its application...

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...

Excise duty payable on fresh mushrooms - The fact that fresh mushrooms classified in the general category under heading 07.02 of the Central Excise Tariff prior to the...

Correct head of income - characterization of receipts - income derived from saplings or seedlings grown in nursery - Agricultural income or income from other sources....

Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly...

Quick Updates: