agriculture land

ED claimed to have proof of violation of FDI guidelines by Emaar MGF

The Enforcement Directorate(ED) on Friday claimed to have found evidence of "large-scale" violations of Foreign Direct Investment(FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, ED also claimed to have recovered about Rs nine crore in cash, two kg of gold and foreign currency worth Rs 5 lakh.
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Agricultural land which is gifted cannot be taxed as income from other sources

SUMMARY OF CASE LAW If agricultural land cannot be considered as “any sum of money”; provisions of section 56(2)(v) cannot be applied.
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