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ITAT dismissed appellant's challenge to taxation of compensation received for compulsory land acquisition under NHAI Act, 1956. The tribunal held that compensation received on land acquisition under NHAI Act constitutes taxable short-term capital gain, rejecting exemption claims under Section 10 of Income Tax Act, 1961. Following precedent in Heritage Buildcon case and CBDT Circular 36/2016, ITAT determined that since NHAI Act falls under Fourth Schedule of RFCTLARR Act, 2013, no income tax exemption applies per Sections 96 and 105(1) of RFCTLARR Act read with CBDT's office memorandum dated 06.06.2019. The tribunal upheld CIT(Appeals) order confirming the addition and dismissed the appellant's ground of appeal, establishing that compulsory acquisition compensation under specified enactments remains subject to capital gains taxation.
ITAT dismissed appellant's challenge to taxation of compensation received for compulsory land acquisition under NHAI Act, 1956. The tribunal held that compensation received on land acquisition under NHAI Act constitutes taxable short-term capital gain, rejecting exemption claims under Section 10 of Income Tax Act, 1961. Following precedent in Heritage Buildcon case and CBDT Circular 36/2016, ITAT determined that since NHAI Act falls under Fourth Schedule of RFCTLARR Act, 2013, no income tax exemption applies per Sections 96 and 105(1) of RFCTLARR Act read with CBDT's office memorandum dated 06.06.2019. The tribunal upheld CIT(Appeals) order confirming the addition and dismissed the appellant's ground of appeal, establishing that compulsory acquisition compensation under specified enactments remains subject to capital gains taxation.
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