https://www.taxtmi.com/caselaws?id=450837 Compensation received for land acquisition under the governing acquisition framework was treated as a non-taxable receipt, so tax collected on it was refundable to the assessee. The Court held that the amount arose from compulsory acquisition compensation, not a taxable commercial receipt, and therefore the refund claim on merits could not be rejected. It also found sufficient cause for the delayed refund application and held that the delay could be condoned under section 119(2)(b) because the refusal was overly technical and inconsistent with the record. The impugned order was set aside and the assessee was granted refund of the tax collected. en-us Tue, 27 Feb 2024 00:00:00 +0530 Wed, 13 Mar 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450837 Compensation received for land acquisition under the governing acquisition framework was treated as a non-taxable receipt, so tax collected on it was refundable to the assessee. The Court held that the amount arose from compulsory acquisition compensation, not a taxable commercial receipt, and therefore the refund claim on merits could not be rejected. It also found sufficient cause for the delayed refund application and held that the delay could be condoned under section 119(2)(b) because the refusal was overly technical and inconsistent with the record. The impugned order was set aside and the assessee was granted refund of the tax collected. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450837