2024 (8) TMI 883

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....nt Through: Mr. A. H. Naik, Sr. Adv. with Mr. Asif, Adv. For the Respondent(s) Through: Mr. T. M. Shamsi, DSGI for R. No. 1 Mr. Umar Rashid, Adv. for Rs 2 to 4. ORDER 1. The short grievance projected by the petitioner in this petition is that the petitioner-company received a compensation of Rs. 09,18,95,776/- (Rupees Nine Crores Eighteen lacs Ninety Five Thousand Seven Hundred and Sevent....

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....n that amount of compensation received under an award passed under Land Acquisition Act, 2013, is not exigible to income tax under the Income Tax Act, 1961. Section 96 of the Land Acquisition Act, 2013 which deals with the issue reads thus; "96. Exemption from Income Tax, Stamp Duty and Fees-No Income Tax or Stamp duty shall be levied on any award or agreement made under this Act, except ....

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....n-agricultural land is exempted from income tax. 6. Viewed from any angle, the apprehension raised by the petitioner in this petition is without any substance. The legal position is amply clear that any compensation received by a person under an award passed in terms of the Provisions of Land Acquisition Act, 2013 is exempted from payment of income tax except the amount received in reference to....