Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
This case deals with the taxability of compensation paid to landowners for land acquisition. The court held that u/s 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (2013 Act), the compensation paid to land-losers is exempted from income tax levy. However, this exemption is not available to those whose lands were acquired under other statutes like the Karnataka Industrial Areas Development Act 1966. The court observed that this creates an apparent hostile discrimination against land-losers under other statutes, as the compensation package under the 2013 Act is more attractive. The court urged the Central Government to address this issue and extend the tax exemption benefit to all land-losers, regardless of the statute under which their land was acquired, to assuage the grievance of land-losing farmers. The appeals were allowed, and the writ petitions of land-losers were dismissed.
This case deals with the taxability of compensation paid to landowners for land acquisition. The court held that u/s 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (2013 Act), the compensation paid to land-losers is exempted from income tax levy. However, this exemption is not available to those whose lands were acquired under other statutes like the Karnataka Industrial Areas Development Act 1966. The court observed that this creates an apparent hostile discrimination against land-losers under other statutes, as the compensation package under the 2013 Act is more attractive. The court urged the Central Government to address this issue and extend the tax exemption benefit to all land-losers, regardless of the statute under which their land was acquired, to assuage the grievance of land-losing farmers. The appeals were allowed, and the writ petitions of land-losers were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
