Tribunal held that it is an admitted fact that the land, located more than 8 kms. from the municipal limit, the profits earned from sale thereof were exempt under section\u00a010\u00a0of the Act. According to section\u00a0115JB(2)(k)(ii)\u00a0, the amount of income to which sections\u00a010\u00a0,\u00a011\u00a0or\u00a012\u00a0apply shall be reduced from computation of book profits, if such amount is credited to the profit and loss statement. As the assessee had so credited the amount and not reduced it in computing the book profit, it was obviously a mistake. Such a mistake has to be rectified by the Revenue authorities when it is brought to their notice and they are satisfied with the genuineness of the claim. The Commissioner (Appeals) was justified in directing the Assessing Officer to reduce the amount of income to which section\u00a010\u00a0applied, if the amount was credited to the profit and loss account. (AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Book profit-Profit on sale of agricultural land-Direction of CIT(A) to exclude sum from book profits-Held to be proper. [S. 10, 115JB(2)(k)(ii)].<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14998","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3TU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14998"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14998\/revisions"}],"predecessor-version":[{"id":14999,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14998\/revisions\/14999"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}