https://www.taxtmi.com/caselaws?id=176662 The appeal was filed by the Assessee against the order of the Learned CIT(Appeals)-II, Surat directing the computation of capital gain arising from the treatment of the received amount as a capital receipt not liable to tax. The Assessing Officer assessed the compensation received from Gujarat Gas Co. as income, while the assessee considered it a capital receipt. The Learned CIT(Appeals) accepted it as a capital receipt subject to capital gain tax. However, the Court held that since no asset was transferred, and the assessee remained the owner of the agricultural land, the compensation received was deemed a capital receipt not chargeable to tax. The appeal of the Assessee was allowed. en-us Thu, 16 Dec 2010 00:00:00 +0530 Sat, 26 Dec 2015 11:08:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176662 The appeal was filed by the Assessee against the order of the Learned CIT(Appeals)-II, Surat directing the computation of capital gain arising from the treatment of the received amount as a capital receipt not liable to tax. The Assessing Officer assessed the compensation received from Gujarat Gas Co. as income, while the assessee considered it a capital receipt. The Learned CIT(Appeals) accepted it as a capital receipt subject to capital gain tax. However, the Court held that since no asset was transferred, and the assessee remained the owner of the agricultural land, the compensation received was deemed a capital receipt not chargeable to tax. The appeal of the Assessee was allowed. Case-Laws Income Tax Thu, 16 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176662