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Income from sale of Agricultural Land after plotting is business Income
Case Law Details
- Case Name
- Ramswaroop Saudagar Vs Income Tax Officer (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Jaipur
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Ramswaroop Saudagar Vs ITO (ITAT Jaipur)
Although the land was agricultural land and situated in the limits of city of Dausa. It was developed into 23 plots of various sizes and sold during the year. The nature of land had gone irreversible change from agricultural to residential plots, therefore, we are agree with the finding of the ld. CIT(A) that this was an adventure in the nature of trade and income has to be taxed under the head ‘profit and gains of business and profession’. We have also considered the various case laws relied upon by the ld AR of the assessee du...
Hi sir, My wife recd agri land through transfer from her mother ( Inheritage land : Varasatvabhoomi ) after one month we saled. After We deposited in bank that amount ( cash – 5 times FY 17-18 : 14 Lakh ).after one month we purchased one house.
SO in this case we are not filed it return due to agri land sale – exempted, we recd a notice agnt cash deposited, So kindly advise, How to save