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...
Compensation received on compulsory acquisition of agricultural land under the National Highways Act was held to be exempt from tax. Although the assessee had wrongly reflected the receipt as exempt agricultural income, the Tribunal accepted the award and payment records showing that the amount represented statutory land acquisition compensation with interest. The authorities had already treated the interest component as exempt, but wrongly assessed the compensation component as income from other sources. Relying on CBDT Circular No. 36 of 2016, section 96 of the RFCTLARR Act, and the decisions in Sanjay Kumar Baid and NHAI v. P. Nagaraju, the Tribunal held that the exemption extended to acquisition under the National Highways Act and deleted the addition.
Compensation received on compulsory acquisition of agricultural land under the National Highways Act was held to be exempt from tax. Although the assessee had wrongly reflected the receipt as exempt agricultural income, the Tribunal accepted the award and payment records showing that the amount represented statutory land acquisition compensation with interest. The authorities had already treated the interest component as exempt, but wrongly assessed the compensation component as income from other sources. Relying on CBDT Circular No. 36 of 2016, section 96 of the RFCTLARR Act, and the decisions in Sanjay Kumar Baid and NHAI v. P. Nagaraju, the Tribunal held that the exemption extended to acquisition under the National Highways Act and deleted the addition.
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