2010 (7) TMI 1019

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....of the CIT(A)-II, Surat dated 04.12.2009. The only ground raised in this appeal reads as under: "1. In the facts and circumstances of the case, it may be held that the compensation of Rs. 2,80,209/- received from M/s.Gujarat Gas Co. Ltd., for granting the right of user of the agricultural land for laying out pipelines under the land, is neither liable as income nor as capital gains under ....

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....l gain on the compensation received by the assessee is in appeal before the ITAT. 3. It is submitted by the learned counsel that there was no transfer of agriculture land or any other capital assets by the assessee. Therefore, the compensation received cannot be charged to capital gain tax. He therefore submitted that the direction of the CIT(A) to charge capital gains tax on the capital receip....

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....y considered arguments of both the sides and perused the material placed before us. There is no dispute about the fact that the assessee received the compensation for laying down the underground pipeline by the GGCL in the agricultural land owned by the assessee. The compensation was treated as income from other sources by the AO but the CIT(A) held the same to be capital receipt. The order of the....