March 2019

Section 56(2)(vii)(b) Agricultural land falls within the definition of immovable property and covered within the scope of section 56(2)(vii)(b) irrespective of whether the same falls within the definition of capital asset u/s. 2(14) of the Act or otherwise.

Jagdish T. Punjabi | Devendra Jain | Tejaswini Ghag
Chartered Accountants

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