| COURT: | ITAT Cochin |
| CORAM: | George George K (JM) |
| SECTION(S): | 2(14), 45, 48, 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | agricultural land, exempt income, unexplained cash credit |
| COUNSEL: | K. P. Paulson |
| DATE: | April 26, 2017 (Date of pronouncement) |
| DATE: | May 1, 2017 (Date of publication) |
| AY: | 2013-14 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 68/ 2(14): "On Money" received by an assessee for sale of agricultural land has to be treated as "agricultural income" and exempted from tax if the facts show that the assessee has no other source for the receipt | |
The payment of on-money is an unfortunate practice in most part of our country, and none can deny this factual situation. It is the case of the assessee that the buyers were insisting on reducing the sale consideration to be disclosed in the sale deed for the purpose of reducing stamp duty payment. This contention of the assessee cannot be totally brushed aside
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