2011 (2) TMI 588

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....AL, JJ. Ashish Grover for the Appellant. Vivek Sethi for the Respondent. ORDER Adarsh Kumar Goel, J. - This order will dispose of ITA Nos. 456 and 457 of 2008 as it is stated that both the appeals are inter-connected. 2. ITA No. 456 of 2008 has been preferred by the assessee under section 260A of the Income-tax Act, 1961 ("the Act") against order dated 26-10-2007 passed by the In....

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....ordered only under section 201(2) of the Act? (iv)  Whether the ld. ITAT Amritsar was right in holding that the income of the appellant was not exempt under section 10(20A) of the Act?  (v)  Whether the ld. ITAT Amritsar was right in law in holding that the additional ground No. 4 in the appeal before it, pertaining to the filing of returns by the land owners declaring loss on....

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.... the land for the acquisition of which the compensation was paid, is not a capital asset, such land being agricultural land, and that thus, no tax liability has arisen against those farmers who had made the payment. In this regard, the learned CIT(A) has observed in the impugned order, and correctly so, that the land represented a capital asset, since PUDA had acquired it and had paid compensation....

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....Singh v. Union of India [2010] 321 ITR 251. It is submitted if there was no taxability the appellant could not be treated as assessee in default. The Assessing Officer, CIT(A) as well as the Tribunal have failed to go into this question and assumed the agricultural land to be capital asset only on the ground that same was acquired for the purpose of urban estate which ignores the statutory definit....