Article 227 review permits intervention in arbitration only for manifest, patent inherent jurisdictional defects, not representational authority dispu...
Compulsory-acquisition compensation for agricultural land in the Hazira Notified Area was not chargeable to capital-gains tax because the land lay outside a municipal area, retained its agricultural character, and was used for agricultural operations. The resulting capital-gains addition on land compensation did not survive. For compensation attributable to built-up structures and other assets acquired with the land, 60 per cent of the relevant compensation was allowable as cost of acquisition when computing consequential capital gains.
Compulsory-acquisition compensation for agricultural land in the Hazira Notified Area was not chargeable to capital-gains tax because the land lay outside a municipal area, retained its agricultural character, and was used for agricultural operations. The resulting capital-gains addition on land compensation did not survive. For compensation attributable to built-up structures and other assets acquired with the land, 60 per cent of the relevant compensation was allowable as cost of acquisition when computing consequential capital gains.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
