TaxTMI 
TaxTMI 
2026 (9) TMI 1793
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....JESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the "Ld. CIT(A)"] dated 09.03.2026 for the AY 2022-23. 2. The only issue raised by the assessee is against the order of ld. CIT (A) upholding the assessment order, wherein the ld. AO treated the compensation of Rs.80,09,698/- received by the ....
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.... the assessee has not provided any document to prove that land in question, was not a capital asset as per Provisions of Section 2(14) of the Act and further that assessee had not proved with supporting evidences as all conditions as mentioned in 10(37)of the Act were fulfilled. The ld. AO noted that the tax at source u/s 194 of the Act, has been deducted by the land acquisition authority amountin....
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.... Under the existing provisions of the Income-tax Act, 1961 ('the Act'), an agricultural land 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 1-4-2005 to provide s....
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.... of income-tax. 3. As no distinction has been made between compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act, the exemption provided under section 96 of the RFCTLARR Act is wider in scope than the tax-exemption provided under the existing provisions of Income-tax Act, ....