Urgent please help

Hi ,  I am of the opinion ,if we go by the provisions of mat i.e section 115JB  , then this income will be excluded as only income under the provision 10(38) income is included and also expenses related to that.

As per accounting standards , land sold depends upon whether it was held as fixed assets or investments And for this you need to refer to the AS -10  and AS -13 . And in both cases  I think both the gains/loss should be recongnised in the p/l a/c , however in case of previous revaluation case would be bit different..