Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 138 - AT - Income TaxValidity of order u/s 263 Enhanced compensation - Held that:- Following CIT Vs Prem Singh [2010 (12) TMI 460 - PUNJAB AND HARYANA HIGH COURT] - Whenever the possession of the land has been taken before 6.1.1994, then such land is to be treated as agricultural land - Enhanced compensation could not be brought to taxation The reading of the assessment order passed u/s 143(3) read with section 147 on 26.12.2008, shows that proceedings were kept pending because the assessee was directed to file the intimation regarding outcome of the decision regarding compensation before the Additional Session Judge, Panchkula - Compensation of the land belonging to the assessee was taken on 17.6.1992 - Before issue of Notification No. 9447/F.No. 163/3/87 dated 6.1.1994, therefore, enhanced compensation on the same is not taxable - Interest u/s 28 of the Land Acquisition Act was also part of the compensation Following the decision of Hon'ble Apex Court in the case of CIT v G.M. Mittal Stainless Steel P. Ltd [2002 (12) TMI 13 - SUPREME Court] - Once the Assessing Officer has followed a decision of jurisdictional High Court , then there was no jurisdiction to revise such assessment order. The power of the Commissioner under section 263 had to be exercised on the basis of the material that was available to him when he exercised the power - The satisfaction of the Commissioner was, therefore, not based on material either legal or factual, which alone would give him the jurisdiction to take action under section 263 Decided in favour of assessee.
|