2024 (8) TMI 883

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 Seventy Six) in terms of an award passed by the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 under Section 46 and no person claiming under any su....