https://www.taxtmi.com/caselaws?id=423143 Reopening under sections 147 and 148 was sustained because the Assessing Officer had prima facie material linking compensation from compulsory acquisition to escapement of income, and adequacy of that material was not examined at the reopening stage. The Hazira land was held not to be a capital asset, as the notified industrial township did not become a municipality merely because municipal provisions were applied by legal fiction, and the record also showed agricultural character and use. Exemption under section 10(37) was available because the land was compulsorily acquired and the statutory conditions were met. The addition relating to compensation for structures was reduced on estimated cost basis, and the addition for agricultural income was deleted. en-us Wed, 13 Apr 2022 00:00:00 +0530 Tue, 31 May 2022 07:36:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423143 Reopening under sections 147 and 148 was sustained because the Assessing Officer had prima facie material linking compensation from compulsory acquisition to escapement of income, and adequacy of that material was not examined at the reopening stage. The Hazira land was held not to be a capital asset, as the notified industrial township did not become a municipality merely because municipal provisions were applied by legal fiction, and the record also showed agricultural character and use. Exemption under section 10(37) was available because the land was compulsorily acquired and the statutory conditions were met. The addition relating to compensation for structures was reduced on estimated cost basis, and the addition for agricultural income was deleted. Case-Laws Income Tax Wed, 13 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423143