AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (1) TMI 1015
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....dated 15.11.2019 for A.Y. 2017-18. The assessee has assailed the impugned order on the following grounds of appeal before us: "1. That on the facts and in the circumstances of the case and in law, the order passed by the ld. Pr. CIT-1, Raipur u/s. 263 of the Act dated 02/03/2022 is illegal and void-ab-initio. 2. That on the facts and in the circumstances of the case and in law, the revision order passed u/s.263 of the Act was passed on the premise that the appellant has claimed benefit of provisions of section 10(37) of the Act and provisions of RFCTLARR Act whereas as the appellant has not claimed any such exemption in the return of income filed u/s.139(1) of the Act. 3. That on the facts and in the circumstances of the case and in l....
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.... exempt u/s.96 of the RECTLARR Act, 2013. Further, clarifying the issue, it was submitted by the assessee that the net income/surplus on acquisition of its lands by NHAI was accounted for by it as its revenue from operations. Elaborating on his contention, it was submitted by the assessee that the net profit of Rs.19,78,143/- that was earned from the aforesaid transaction of acquisition of its lands by NHAI was disclosed by it as its business income under the provisions of the Act. To sum up, it was the claim of the assessee that neither it had earned any capital gain nor while filing its return of income claimed any exemption u/s.10(37) r.w. RECTLARR Act, 2013. At the same time, it was submitted by the assessee that though it had in the co....
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.... New Delhi has issued Notification dated 06.06.2019 and clarified the issue that section 96 of the RFCTLARR Act, 2013 is not applicable to the cases where acquisition has been made by entities mentioned in the Fourth Schedule of RFCLARR Act, 2013. In this case, land acquisition has been made by the NHAI which is an entity mentioned in fourth schedule of RFCTLARR Act, 2013." Observing, that the A.O had failed to apply the provisions of RECTLARR Act, 2013 & O.M dated 06.06.2019 of CBDT, New Delhi by conducting necessary enquiries, the Pr. CIT set-aside the assessment order with a direction to the A.O to apply the provisions of RECTLARR Act, 2013 and O.M. dated 06.06.2019 of CBDT, New Delhi and adjudicate the issue afresh after conducting nec....
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....emption of the amount that was received as compensation on acquisition of its lands by NHAI under section 10(37) r.w. RECTLARR Act, 2013, therefore, there was no basis for the Pr. CIT to have held the order passed by the A.O u/s.143(3) dated 15.11.2019 as erroneous on the ground that he had wrongly allowed the assessee's claim for exemption of capital gain under RECTLARR Act, 2013. 7. Per contra, the Ld. Departmental Representative (for short 'DR') could not rebut the contentions advanced by the assessee's counsel. On a specific query by the bench that now when the assessee had neither claimed the amount received as compensation on acquisition of its lands by NHAI as exempt u/s.10(37) r.w. RECTLARR Act, 2013, then on what basis the Pr. CIT....
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....sition of the lands at Rs.18.08 lac as against the actual cost of Rs.13,62,047/-, therefore, the assessee in the course of the assessment proceedings on being confronted admitted the said mistake, and, accordingly, the A.O after meeting out the aforesaid discrepancy reworked out assessee's revenue from operations at Rs.84,69,499/-, and vide his order passed u/s.143(3) dated 15.11.2019 assessed the income at Rs.14,98,431/-. 10. On a perusal of the financial statements of the assessee a/w. its return of income, it transpires that it had accounted for the surplus (net) arising/accruing on compulsory acquisition of its lands by NHAI as its revenue from operations. We are unable to fathom as to on what basis the Pr. CIT had observed that the as....