Lease income from agricultural land not used for agriculture is not agricultural income

Advertisement K. Vinuthna Reddy Vs ITO (ITAT Hyderabad) From the facts of the case it is apparent that both the assessees has proximity with the company to whom they have leased the land. Further, the apprehension of the Ld. AO appears to be quite reasonable because both the assessee has received the lease rent for the entire period of 5 years during the relevant assessment year, i.e., in the fag end of the expiry of the lease. In normal circumstances, such transactions do not occur. Further, I am unable to understand as to why such an extent of 40 acres of land is required for the Company ...