Thursday, August 16, 2018

No tax on sale of agriculture land merely because land was to be used for industrial purpose by purchaser

IT: Where assessee was an agriculturist and land owned by him had been shown as agricultural land in revenue records, mere fact that said land had been sold to an industrial unit and had potential to be used for industrial purpose, could not be a determinative factor to treat profit earned by assessee on sale of agriculture land as business income

from www.taxmann.com Latest Case Laws https://ift.tt/2MuqzOd

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