Agricultural Income Cannot Be Arbitrarily Estimated Without Considering Expenses: ITAT Rajkot

Vachhani Ketanbhai Mansukhlal (HUF) Vs ITO (ITAT Rajkot) ITAT Rajkot: Agricultural Income Cannot Be Arbitrarily Estimated Without Considering Expenses The Rajkot Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal of the assessee (HUF) for AY 2018-19, holding that agricultural income cannot be assessed by ignoring genuine agricultural expenses merely because such expenses were not claimed in the return due to an oversight. The assessee had declared gross agricultural income of ₹32.61 lakh but failed to deduct agricultural expenses of ₹10.93 lakh in the return. The A...