https://www.taxtmi.com/caselaws?id=348202 The Tribunal held that the compensation received by the assessee on the compulsory acquisition of agricultural land was not liable to tax under 'capital gain' but should be treated as agricultural income exempt from tax under Section 10(1) of the Income Tax Act, 1961. The Tribunal found that the Commissioner of Income Tax's invocation of Section 263 was based on a misinterpretation of the law, leading to the quashing of the CIT's order and allowing the appeal of the assessee. en-us Wed, 13 Sep 2017 00:00:00 +0530 Sat, 16 Sep 2017 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348202 The Tribunal held that the compensation received by the assessee on the compulsory acquisition of agricultural land was not liable to tax under 'capital gain' but should be treated as agricultural income exempt from tax under Section 10(1) of the Income Tax Act, 1961. The Tribunal found that the Commissioner of Income Tax's invocation of Section 263 was based on a misinterpretation of the law, leading to the quashing of the CIT's order and allowing the appeal of the assessee. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348202