Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
