Dismissing the appeal of the revenue the Tribunal held that Gains from sale of agricultural land which is not a capital asset cannot be included for computing book profit . Followed Satlej Cotton Mills Ltd v.CIT ( 1993) 45 ITD 22 (SB) (Cal) (Trib) ( (ITA No. 1323/JP/ 2028 dt. 22-2 .2020) ( AY.2016 -17 )
DCIT v. Motisons Buildtech (P) Ltd ( 2020) 182 ITD 72 /116 taxmann.com 337/ 205 TTJ 484 ( Jaipur) (Trib)/DCIT v. Motisons Entertainment ( P) Ltd (2020) 182 ITD 72/ 205 TTJ 484 (Jaipur) (Trib.) DCIT v. Mitisons Global ( P) Ltd Ltd (2020) 182 ITD 72/ 205 TTJ 484 (Jaipur) (Trib.)
S. 115JB : Book profit – Capital gains- Capital asset- Sale of agricultural land- Gains from sale of agricultural land which is not a capital asset cannot be included for computing book profit . [ S.2(14)(iii), 2(IA), 5, 10(1), 45 ]