ITAT Pune: Profit on Sale of Agricultural Land Not Automatically Business Income – Intent of Purchase Must Be Examined

Deepak Sarda Vs ITO (ITAT Pune) “Adventure or Agriculture?” – ITAT Pune Sends Land Gain & Loan Additions Back for Fresh Verification- Unexplained Loans & Land Deals: Tribunal Gives Assessee Second Chance Before AO ITAT Pune remitted the entire matter back to AO after finding that the nature of land transactions, genuineness of loans & source of cash deposits were not properly verified. The assessee claimed the gains arose from rural agricultural lands, not business ventures, &  that alleged unexplained credits were bank-routed loans. The Tribunal noted that vital detail...