The Economic Times News

Man gets tax notice of Rs 18 lakh for buying land at low price, ITAT Ahmedabad quashes it; here's why

The Ahmedabad branch of the Income Tax Appellate Tribunal has issued a pivotal judgment, reaffirming that agricultural land retains its status, even with the imposition of higher stamp duty. This ruling originated from a situation where a taxpayer faced additional income tax liabilities.