Regarding income tax.
This query is : Resolved
03 March 2025
The agriculture land was purchased in FY 2005.
• It was converted to non-agricultural land in FY 2014.
• It was shown as an investment in the 2016-17 ITR
• After 2016-17, ITR 4 has been filed, meaning no balance sheet has been uploaded.
• Other land and plot sold and shown as business income in FY 2021-22 and FY 2022-23
• Some of the sub-plot sold (from converted non agriculture land in 2014) shown as capital gains in FY 2023-24. Remaining sub –plots sold in FY 2024-25 with sales consideration of approximately 5,00,00,000/-.
Whether AO can argue that regular nature of business is builder 54 f not allowed or due to sub plotting of land profit and gain head will apply hence 54 F not allowed ?
• It was converted to non-agricultural land in FY 2014.
• It was shown as an investment in the 2016-17 ITR
• After 2016-17, ITR 4 has been filed, meaning no balance sheet has been uploaded.
• Other land and plot sold and shown as business income in FY 2021-22 and FY 2022-23
• Some of the sub-plot sold (from converted non agriculture land in 2014) shown as capital gains in FY 2023-24. Remaining sub –plots sold in FY 2024-25 with sales consideration of approximately 5,00,00,000/-.
Whether AO can argue that regular nature of business is builder 54 f not allowed or due to sub plotting of land profit and gain head will apply hence 54 F not allowed ?
03 March 2025
Sec. 54 F not applicable for income under head PGBP.
05 June 2025
whether AO can Raised the question that it will be treated as stock in trade? due to subplotting.
05 June 2025
Yes. While Assessee can appeal against the order.
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