1990 (11) TMI 37

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..... the circumstances of the case, the Income-tax Appellate Tribunal was correct in deleting the addition of Rs. 29,00,773 made by the Assessing Officer on account of compensation received by the assessee on acquisition of agricultural land ?" It appears that some agricultural land had been acquired by the respondent as its trading asset. This land was, however, compulsorily acquired under the prov .....

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..... sing and Construction (P.) Ltd. v. CIT [1983] 141 ITR 806 (Delhi) and has deleted the aforesaid addition. It is contended by Shri Jain that the provisions of the Income-tax Act have now been amended with effect from April 1, 1970, and agricultural land would, be regarded as a capital asset. It may be that the profit in question could have been taxed as capital gain but, as rightly pointed out by t .....

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