Transactions in Agricultural Lаnds clаssified аs Вusiness Income as per Company Objectives: ITAT dеlеtеs

The ITAT ruled that transactions involving agricultural lands should not be classified as business income, dismissing an addition made by the tax authorities. The taxpayer had classified income from agricultural activities as part of its business, but the tribunal found that the income was earned from agricultural land sales. The decision clarifies that agricultural income should not be taxed as business income, reinforcing the distinction between different types of income under tax law.