Profit from sale of agricultural land not includible while computing book profit

Advertisement Ishwar Dewllings Pvt. Ltd. Vs PCIT (ITAT Lucknow) Facts- The AO vide notice u/s 154 dated 02/05/2018 proposed rectification of the order passed u/s 143(3) by including profit on sale of agricultural land in the computation of book profits u/s 115JB. Thereafter, AO dropped the proceedings initiated u/s 154 vide order dated 14/06/2018. However, the assessee filed the appeal aggrieved against the order of the Commissioner of Income Tax (CIT). The Counsel for appellant, Shweta Mittal submitted that CIT grossly erred in passing the order under section 263 even though the assessment...