Lease Rent from Agricultural Land Must Be Properly Verified: ITAT

Advertisement Maroon Organic Farming Pvt Ltd Vs ITO (ITAT Delhi) ITAT remands issue of lease rent from agricultural land, holds assessee entitled to fresh opportunity to prove agricultural use by lessee Delhi ITAT set aside the addition of ₹78.12 lakh made u/s 68 by AO treating lease rent & advance received on leasing of agricultural land as undisclosed income, where AO & CIT(A) denied exemption u/s 10(1) merely on the ground that lessees did not respond to notice u/s 133(6) &  assessee allegedly failed to prove agricultural operations. Tribunal noted that assessee had filed ...