Income of agricultural land not to be added to books profit while calculating MAT u/s 115JB: Delhi HC

PCIT Vs Gomantak Eximis Ltd (Delhi High Court) Delhi High Court held that income of agricultural land is exempt from tax and hence the same cannot be added to the books profit while calculating MAT under section 115JB of the Income Tax Act. Facts- The appellant is essentially aggrieved by the Tribunal having refused to admit and rule upon certain grounds which were urged with regard to the applicability of Section 115JB of the Income Tax Act. The respondent/assessee is stated to have undertaken a sale transaction with respect to a piece of agricultural land along with houses constructed thereo...