Section 2(14): No capital gains tax on Income proceeds from Agricultural Land

Rajendra Kumar Meena Vs ITO (ITAT Jaipur) Conclusion: Where surplus money deposited by assessee as explained was required to be considered out of the agricultural land proceed and since that land proceed had already been considered while assessing the income of the assessee as exempt the remaining amount of Rs. 46,00,000/- could not be held as income of the assessee. Therefore, addition made by AO was not sustainable. Held: Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval from the Joint Commissioner of Income Tax...