Consideration from sale of agricultural land not taxable under income tax

Kathiravan Srinivasan Vs DCIT (ITAT Chennai) ITAT Chennai held that the sale proceeds from the sale of agricultural land cannot be treated as business asset proceeds as the revenue records clearly treats the land as agricultural land and agricultural activities were duly carried out on it. Facts- Assessee firstly contended action of AO in treating loans received back from various persons i.e. sundry debtors living in and around Perambalur District as unexplained cash credit under section 68 of the Income Tax Act. Further, assessee also contended the action of AO in treating surplus on sale of ...