Consideration received on sale of agricultural land cannot be taxed as income from other sources

Prodyut Kumar Ghos Vs ITO (ITAT Kolkata)

ITAT noted that assessee in his R.O.I (return of income) erroneously reflected the sale consideration that he received to the tune of Rs.26,96,250/- as agricultural income. On being confronted by the AO and when asked by the AO to produce evidence of agricultural income, the assessee realized the mistake that Rs. 26,96,250/- was wrongly reflected as agricultural income in R.O.I where as it should have been shown as “Exempted Capital Gain “. However, the AO did not bother to examine the claim of assessee as to

Please become a Premium member. If you are already a Premium member, login here to access the full content.