Income from sale of Agricultural Land to Real Estate Company is Business Income

IN THE ITAT HYDERABAD BENCH ‘B’ G.K. Properties (P.) Ltd. v/s. Income-tax Officer, Ward 2(2) IT APPEAL NO. 287 (HYD.) OF 2011 [ASSESSMENT YEAR 2007-08] AUGUST 31, 2012 ORDER Chandra Poojari, Accountant Member  This appeal by the assessee is directed against the order of the CIT(A)-III, Hyderabad dated 28.12.2010 for assessment year 2007-08. 2. The grievance of the assessee in this appeal is with regard to confirming of action of the Assessing Officer that the profit on sale of agricultural land as income from business instead of treating it as exempted income. 3. ...