Agricultural Land Purchased per MOA Objects Treated as Business Income: ITAT Mumbai

ITO Vs V Real Estate (India) Pvt Ltd (ITAT Mumbai) In a recent ruling ITAT Mumbai dismissed appeal filed by the revenue and confirmed order of the CIT (A) in treating the income/compensation received from the transaction in agricultural land as business income instead of income from other sources as treated by the AO. Assessee is a private limited company and is engaged in real estate development. It filed ITR for AY 2011-12 declaring loss at Rs. (-) 86,11,011/- which was accepted initially. Thereafter, the assessee filed a revised return, wherein the loss was reduced to Rs. (-) 21,11,000/-. T...