Agricultural land which is gifted cannot be taxed as income under any heads of income given in section 14 of IT Act, 1961
If agricultural land cannot be considered as “any sum of money”; provisions of section 56(2)(v) cannot be applied.
ITAT, JAIPUR BENCH ‘A’ JAIPUR
ITO
v
Komal Kumar Bader
ITA No. 1253/Jp/2008
April 24, 2009
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