2011 (8) TMI 147

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....hether on the facts and in law, the Tribunal was right in holding that the amount of Rs.8,42,000/- received as a compensation for damage caused to the land, a capital asset of the appellant, was a revenue receipt taxable in the hands of the appellant?"   2. The assessment year involved herein is AY 2004-05.   3. The assessee has a property at Lonawala within the limits of local municip....

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....ensation as under:-   (i) Compensation for the damage to the land Rs.8,42,000/-;   (ii) Consideration for granting the right of way in the land Rs.5,58,000/-;   Total Rs.14,00,000/-.   4. The consideration of Rs.5,58,000/- received by the assessee for granting the right of way was held by the ITAT as capital receipt and hence not liable to tax. As regards the compensation f....