https://www.taxtmi.com/highlights?id=62575 Exempted capital gain wrongly shown in the belated return as taxable - just because the assessee inadvertently or by ignorance has shown the exempt income as exigible to tax, the AO/CPC ought not to have treated the same as taxable income and thereby taxed the exempt income because Article 265 of the Constitution, title reads " Taxes not to be imposed saved by authority of law'' and the Article reads 'No tax shall be levied or collected except by authority of law'. Here in this case the Parliament has exempted this compensation (for acquiring land) from taxation as per Section 96 of RFCTLARR Act. So the CPC/AO ought not to have taxed the same at the first place. - AT en-us Thu, 24 Mar 2022 13:39:25 +0530 Thu, 24 Mar 2022 13:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62575 Exempted capital gain wrongly shown in the belated return as taxable - just because the assessee inadvertently or by ignorance has shown the exempt income as exigible to tax, the AO/CPC ought not to have treated the same as taxable income and thereby taxed the exempt income because Article 265 of the Constitution, title reads " Taxes not to be imposed saved by authority of law'' and the Article reads 'No tax shall be levied or collected except by authority of law'. Here in this case the Parliament has exempted this compensation (for acquiring land) from taxation as per Section 96 of RFCTLARR Act. So the CPC/AO ought not to have taxed the same at the first place. - AT Highlights Income Tax Thu, 24 Mar 2022 13:39:25 +0530 https://www.taxtmi.com/highlights?id=62575