Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
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