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2014 (4) TMI 170 - HC - Income TaxStay application – Entitlement for benefit u/s 10(37) of the Act - Compensation received on acquisition of land - Whether the assessee is entitled to the grant of unconditional stay of recovery of demand - Held that:- The assessee received a total amount as compensation out of which TDS was deducted as per provisions of Section 194LA of the Act - The assessee showed long term capital gain on the amount of compensation in the income tax return - The agricultural income shown was nil whereas in the computation chart, agricultural income has been shown to be ₹ 4900/- only. On a query being put to the learned counsel for the petitioner as to whether the land which was acquired was not capital asset within the meaning of Section 2(14) of the Act, he was unable to dispute that it was falling within the limits of the Municipality of Amritsar. In such a situation, it cannot be conclusively held that agricultural activities were being carried on the land and thus, the petitioner was entitled for the benefit under Section 10(37) of the Act. - it is not a fit case for grant of stay of recovery of entire demand. - stay granted equal to 50% of tax liability.
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