https://www.taxtmi.com/caselaws?id=444812 ITAT Raipur allowed the appeal regarding revision under section 263 concerning taxability of capital gains from compulsory land acquisition. The tribunal held that compensation received under RFCTLARR Act qualified for exemption under section 96, as the acquisition was not connected to any enactments prescribed under the Fourth Schedule. PCIT failed to provide evidence proving the acquisition fell under Fourth Schedule enactments. The tribunal noted that a co-owner of the same land had already been granted similar exemption by the revenue department. The AO's order, while erroneous, was not prejudicial to revenue interests, making section 263 proceedings unsustainable. en-us Fri, 20 Oct 2023 00:00:00 +0530 Sat, 21 Oct 2023 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444812 ITAT Raipur allowed the appeal regarding revision under section 263 concerning taxability of capital gains from compulsory land acquisition. The tribunal held that compensation received under RFCTLARR Act qualified for exemption under section 96, as the acquisition was not connected to any enactments prescribed under the Fourth Schedule. PCIT failed to provide evidence proving the acquisition fell under Fourth Schedule enactments. The tribunal noted that a co-owner of the same land had already been granted similar exemption by the revenue department. The AO's order, while erroneous, was not prejudicial to revenue interests, making section 263 proceedings unsustainable. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444812