https://www.taxtmi.com/caselaws?id=60486 The Tribunal dismissed the revenue's appeal, upholding the CIT (Appeals) decision to delete the addition of Rs. 42,79,012 towards capital gains. The Tribunal confirmed the exemption of the additional compensation invested in specified assets from income tax, ruling that the Assessing Officer lacked jurisdiction to tax the compensation without proper notice and opportunity for the assessee to be heard. The provisions of section 54E(3) were applied retrospectively, benefiting the assessee who received the compensation after 1-4-1978, in line with legislative intent to mitigate hardship caused by delayed compensation receipt. en-us Fri, 28 Oct 1994 00:00:00 +0530 Wed, 05 Jan 2011 15:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60486 The Tribunal dismissed the revenue's appeal, upholding the CIT (Appeals) decision to delete the addition of Rs. 42,79,012 towards capital gains. The Tribunal confirmed the exemption of the additional compensation invested in specified assets from income tax, ruling that the Assessing Officer lacked jurisdiction to tax the compensation without proper notice and opportunity for the assessee to be heard. The provisions of section 54E(3) were applied retrospectively, benefiting the assessee who received the compensation after 1-4-1978, in line with legislative intent to mitigate hardship caused by delayed compensation receipt. Case-Laws Income Tax Fri, 28 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60486