Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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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