Barren land is not agriculture land and liable for capital gain tax Suresh kumar D . Shah (2012) 49 SOT 341 (HYD TRIB)

Extraction of oil from fruit / kernel is industrial activity and assessable as under rule 7 Oil Palm India (2012) 206 Taxman (KER HC)

Company supplying seeds to formers under agreement Supervising cultivation and after harvesting purchasing at fixed rate . Income from supply of seeds held not agriculture income Namdhari seeds (Karnataka HC) 341 ITR 342

Conversion of new seed into pea seeds constitutes agriculture income Rana gurjit singh (2012) 340 ITR 108 (p&h)

Compensation received on demolition of borrowell is agricultural income Ghyansham Mudgal 143 TTJ (UO) 60 (JP)

No penalty can be levied where income is estimated Whitline chemicals (guj) ITA 496/2012 at 15-1-13 Vatika construction P ltd.ITA 1246/2010 at 11.10.12 P Rojes (Maid) 5.2.13 ITA 341/2010

Third proviso to Section 254 (2A) was inserted by Finance Act 2008 to Overcome ruling of Bombay High Court in Narang coverseas 295 ITR 22 which said that ITAT could grant stay beyond 365 days where delay was not attributable to assessee.Seeton 254 (2A) specifically prohibited extension beyond 365 days even if delay not attributable to assessee. Delhi HC in Maruti Suzuki & Bombay HC in jethmal Fauzi Mal Soni also confirmed this third proviso to S.254 (2A) was not challenged. Now Delhi HC in Pepsi Foods Pvt.ltd. has struck down S. 254 (2A) third proviso being voilative of Act 14 Pepsi Foods P ltd. (Del HC ) 19.5.2015

Co.rendering highend KPO service is not comparable with co. rendering low end BPO services TNS Index (P) Ltd. (Hyd Trib ) 17.4.15 57TMC 165

Due to financial constraints assessee selling its shares to others JV partner at a price even lower than the price at which rights were referred resulting in loss.Held not a colorable device. SIEL Ltd. (Del HC ) 24.07.14 57 TMC 29

Misapproprition of money by power of attorney holder who had authority to operate bank account of assessee in money lending business is incidental to carrying on of business.Hence deductible in computing profits of business Badridas Daga (SC) 25.04.1958

Loss on transfer of compensation bonds issued to assessee in consideration of assignment of debt receivable (in US dollars) from Iraq Govt.is not covered by head capital gain and hence no indexation can be made. However loss can be claimed as bad debt because payment received in form of bonds for services rendered under contract would not alter the character of income Ircon International Ltd. (Del HC ) 15.5.15 57TMC 336