Taxpayer's Property Rights Compensation Assessed as Capital Gains, Not Other Income, Confirms CIT(A) Decision.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) - what was received by the assessee by virtue of MOU is consideration received for transfer of rights in property and thus, same is assessable under the head ‘income from capital gains’. The learned CIT(A), after considering relevant facts has rightly held that the Assessing Officer has erred in assessing compensation under the head ‘income from other sources’. - AT....