Regarding income tax.
This query is : Resolved
03 March 2025
The agriculture land was purchased in FY 2005.
• It was converted to non-agricultural land in FY 2014.
• It was shown as an investment in the 2016-17 ITR
• After 2016-17, ITR 4 has been filed, meaning no balance sheet has been uploaded.
• Other land and plot sold and shown as business income in FY 2021-22 and FY 2022-23
• Some of the sub-plot sold (from converted non agriculture land in 2014) shown as capital gains in FY 2023-24. Remaining sub –plots sold in FY 2024-25 with sales consideration of approximately 5,00,00,000/-.
Whether AO can argue that regular nature of business is builder 54 f not allowed or due to sub plotting of land profit and gain head will apply hence 54 F not allowed ?
• It was converted to non-agricultural land in FY 2014.
• It was shown as an investment in the 2016-17 ITR
• After 2016-17, ITR 4 has been filed, meaning no balance sheet has been uploaded.
• Other land and plot sold and shown as business income in FY 2021-22 and FY 2022-23
• Some of the sub-plot sold (from converted non agriculture land in 2014) shown as capital gains in FY 2023-24. Remaining sub –plots sold in FY 2024-25 with sales consideration of approximately 5,00,00,000/-.
Whether AO can argue that regular nature of business is builder 54 f not allowed or due to sub plotting of land profit and gain head will apply hence 54 F not allowed ?
03 March 2025
Sec. 54 F not applicable for income under head PGBP.
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