Case Law: Agricultural Income Us 56(2)(b)

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Jaipur ITAT holds that, agricultural Income is not excluded from the ambit of sec 56(2)(b). It accepts the revenue’s stand that, since the reference in this section is to ‘ any immovable property’ it does not exclude agricultural land (being not a capital asset) and is not circumscribed or limited to property of any particular nature. The property being stock in trade or capital asset also do not have any relevance.

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