Profit on sale of rural agricultural land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2013 Sale of agricultural land by a private limited company is exempted from tax as per the definition given u/s 2(14)(iii) of the Income Tax Act 1961. But is it exempt from MAT also or not u/s 115JB ?

please give me advice,it's urgent sir.

Ganeshbabu K

Ganeshbabu K (Expert)
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16 June 2013 yes..

sale of agriculture land will not form part of book profit for 115jb,..

it is also held in the case of ,

Nilagiri Tea Estates Ltd, ... vs Department Of Income Tax on 29 February, 2012

Thanks & regards
Ganesh babu k