https://www.taxtmi.com/caselaws?id=418616 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s orders on both issues. It was held that Section 50C of the Income Tax Act was not applicable in the case of compulsory land acquisition by a government undertaking, where no cash compensation was involved. Additionally, the additions made by the assessing authority on account of coal shortages were overturned, as the assessing officer failed to consider various factors contributing to the shortages. The judgment emphasizes the importance of thorough examination of factors before making additions based on financial statements. en-us Wed, 09 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418616 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s orders on both issues. It was held that Section 50C of the Income Tax Act was not applicable in the case of compulsory land acquisition by a government undertaking, where no cash compensation was involved. Additionally, the additions made by the assessing authority on account of coal shortages were overturned, as the assessing officer failed to consider various factors contributing to the shortages. The judgment emphasizes the importance of thorough examination of factors before making additions based on financial statements. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418616