TaxTMI 
TaxTMI 
2019 (5) TMI 1154
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....have been passed giving effect to the CBDT circular alongwith circular of Ministry of Road Transportation and Highways and the principles of law decided by Hon'ble apex Court. Hence, the orders passed have to be quashed in toto. II. For that the points of law raised before the CIT(A)-II, Bhubaneswar in filing of the modification/rectification petition submitting that the appellant received the compensation from the Government of India, Ministry of Road Transport and Highways amounting to Rs. 12,93,070/- should have been reduced in view of CBDT Circular No.36 vide dt. 25.10.2016 and the points of law decided by the Hon'ble Apex Court as well as RFCTLARR Act of 2013 applicable to the facts of the Circular of Ministry of Road Transport &....
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....ain information on record to establish that the order of the CIT(A) is dated 31.8.2018 and the assessee filed a petition for modification and rectification of mistake before the CIT(A) invoking section 154 of the Act to consider the CBDT circular. The petition u/s.154 was disposed by the CIT(A) on 13.2.2019 received by the assessee on 22,.2.2019, and, therefore, as soon as the order was received, the appeal was filed before the Tribunal. Considering the reasons given in the condonation petition, I hereby condone the delay and admit this appeal for adjudication. 4. I have heard the rival submissions and perused the relevant materials on the record of the Tribunal. Ld A.R. of the assessee submitted that the property of the assessee was compu....
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....nd which is not situated in specified urban area, is not regarded as a capital asset. Hence, capital gains arising from the transfer (including compulsory acquisition] of such agricultural land is not taxable. Finance (No, 2] Act, 2004 inserted section 10(37) in the Act from 01.04.2005 to provide specific exemption to the capital gains arising to an Individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban limit, subject to fulfilment of certain conditions. Therefore, compensation received from compulsory acquisition of an agricultural land is not taxable under the Act (subject to fulfilment of certain conditions for specified urban land). 6. He also states that the RFCTLARR Act which came into ef....