2017 (9) TMI 1103

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.... Senior standing counsel with Mr. Ranjan Kumar, Junior standing counsel ORDER 1. The challenge in this petition under Article 226 of the Constitution of India is to an order dated 4th August 2014 passed by the Commissioner of Income Tax-XV, Delhi ('CIT') rejecting the revision petition of the Petitioner (hereafter 'Assessee') and affirming an order dated 22nd January 2014 passed by the Deput....

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....Assessee, the Additional District Judge, by an order dated 29th January 1999, enhanced the compensation. This led to further appeals being filed before the Punjab & Haryana High Court which, by an order dated 12th July 2006, further enhanced the compensation along with the statutory benefits as referred to above. 4. The enhanced compensation along with the statutory benefits was received by the....

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....e of the record, the prayer made was held to be beyond the purview of Section 154 of the Act. 5. The Assessee then filed a revision petition under Section 264 of the Act before the CIT. By the impugned order, the CIT affirmed the order of the AO on the ground that since the land was situated within the municipal limits of Hisar town, it was non-agricultural land whereas the decision in Ghanshya....

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....'capital asset' and therefore would be subject to capital gains tax upon the transfer of such asset. 7. In the present case, the agricultural land of the Assessee that was acquired was situated within the Hisar municipality and, in terms of Section 2 (14) (iii) (a), was a capital asset, the transfer of which would attract capital gains tax under Section 45 of the Act. However, in terms of Secti....