Case Law Details
Case Name : Harrisons Malayalam Ltd. Vs. ACIT (ITAT Cochin)
Appeal Number : [2009] 32 SOT 497 (Cochin)
Date of Judgement/Order :
Related Assessment Year :
Courts :
All ITAT ITAT Cochin
Ss. 2(1A), 115JB; A/y 2005-06; in favor of taxpayer: Profits arising on transfer of rural agricultural land amounts to agricultural income under section 2(1A). Such income cannot be included in the total income under section 10(1). Section 115JB provides that any income, listed under section 10, other than the ones listed in clause (38), shall be reduced from the book profit. This means that such agricultural income shall not form part of the book profit for the purposes of levy of minimum alternate tax.
NF
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Dear Sir,
Kindly suggest..
We have got an agricultural land outside the municipal area in maharashtra from my garnd mother site after dividation of families.
Now we are selling this land.
We will be liable to pay tax aginst the sale of said property?
If YES,
How much tax will have to pay and time period?
Is thier any process to save the tax?
Gyanprakash
A private limited company is having rural agricultural lands and it has sold these agricultural lands and the profit/gain arising on the sale of these lands are subjected to MAT? or profit/gain arising on the sale of these agricultural lands are exempt from MAT?
Will it make any difference if these agricultural lands are held as stock in trade and what is position of applicability of MAT? is it still exempt from MAT whether held as Fixed Asset/stock in Trade?
Thanks,
Adinarayana