Inclusion of profit on sale of agricultural land for mat
This query is : Resolved
Deevulapalli Vijai
(Querist)
01 September 2012
Dear Sir
Whether profit on sale of agricultural land in rural area ( not a capital asset)credited to Profit and Loss a/c of a company should be included for computing book profits as per the provisions of MAT U/S 115JB.
Whether profit on sale of agricultural land in rural area ( not a capital asset)credited to Profit and Loss a/c of a company should be included for computing book profits as per the provisions of MAT U/S 115JB.
Praveen Kumar Rathi
(Expert)
03 September 2012
Profits arising on transfer of rural agricultural land are not liable to MAT.Decided by ITAT – Cochin in the case of Harrisons Malayalam Ltd. vs. ACIT [2009] 32 SOT 497 (Cochin)
CA VISHNU GAVKARE
(Expert)
06 September 2012
Agreed With Mr. Praveen.
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