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The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
The Bombay High Court, actual carrying on of agricultural operations is not a critical condition for determining that the parcels of land were agricultural lands. The order has been quashed by the bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale and remanded the case for passing the fresh assessment order. The AO […]
For the case of Shri R.Gopalsamy, the Authority of Advance Ruling (AAR Tamilnadu) directed that the rent obtained via warehouse for storing the Agricultural Produce Exempt from GST. The Question and Ruling are as follows: Tamil Nadu GST AAR Ruling Applicant Name Shri R.Gopalsamy GSTIN of the applicant 33AEJFS5190J1ZO Applicant Samco Logistics LLP Tamil Nadu […]
The initiated reassessment has been quashed by the Madras High Court beyond 4 years on the disclosures of the sale of agricultural land in the income return at the time of the scrutiny assessment. The applicant’s case, Mr. S. Uttam Chand was that the present notice provided under section 147 of the Income Tax Act […]
According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, ruled that rural agricultural land taken via Government for business activity u/s 2 (13) is qualified for Exemption. The taxpayer, Shri Jitendra Shanabhai Patel secures his income from the salary, capital gain, and income from additional sources. The taxpayer would pay the income tax return showing the […]
A 5% GST shall be needed to file on turmeric in its whole form as it comes under the agricultural produce said Maharashtra Appellate Authority of Advance Ruling (AAAR). The two-member bench of Rajeev Kumar Mital and Ashok Kumar Mehta sees that the farmers who had the first supply of turmeric in the whole form […]
The bench of Authority of Advance Ruling (AAR) ordered that from now on 18% GST (Goods and Services Tax) will be charged on the leasing charges of the cold storage for agricultural produce. The judgement was ruled in an application filed by M/s Gubba Cold Storage Pvt. Ltd. who deals with the storing and warehousing […]
