Monday, February 4, 2019

Agricultural land whether held as capital asset or stock-in-trade is covered under ambit of sec. 56(2)(vii)(b)

IT: Agricultural lands fall under definition of an immovable property, hence, covered under ambit of section 56(2)(vii)(b), it is immaterial whether they fall under definition of capital asset or stock-in-trade

from www.taxmann.com Latest Case Laws http://bit.ly/2RDtZwu

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...