Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Rural agricultural land situated beyond the prescribed municipal limits is excluded from the definition of a capital asset. The notes explain that an official Tehsildar certificate based on a technical survey may establish the requisite aerial distance where the Revenue offers no cogent rebuttal or independent measurement; acquisition by a development authority or development potential does not alter the land's character. Enhanced compensation for compulsory acquisition is therefore not chargeable under the capital gains provisions. Interest awarded under section 28 of the Land Acquisition Act is described as an accretion to land value and an integral part of enhanced compensation, so its tax treatment follows the underlying compensation rather than being separately taxed as income from other sources.
Rural agricultural land situated beyond the prescribed municipal limits is excluded from the definition of a capital asset. The notes explain that an official Tehsildar certificate based on a technical survey may establish the requisite aerial distance where the Revenue offers no cogent rebuttal or independent measurement; acquisition by a development authority or development potential does not alter the land's character. Enhanced compensation for compulsory acquisition is therefore not chargeable under the capital gains provisions. Interest awarded under section 28 of the Land Acquisition Act is described as an accretion to land value and an integral part of enhanced compensation, so its tax treatment follows the underlying compensation rather than being separately taxed as income from other sources.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
