1998 (2) TMI 88 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that income from the compensation received for agricultural lands acquired by the State Government is taxable as capital gains. The Tribunal's decision to exempt the income from tax was overturned based on previous case law and relevant tax law amendments. The judgment favored the Department over the assessee. (Case citation: 1998 (2) TMI 88 - PUNJAB AND HARYANA High Court)