Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 265 - ITAT AHMEDABADCompensation recived on compulsory acquisition of land - treated as Long term capital gains - whether compensation received is fully exempt u/s 10(37)? - Held that:- Decided in favour of the assessee by the order of the Hon’ble Gujarat High Court in case of one of the co-owners of the property, Shri Amrutbhai S. Patel [2013 (5) TMI 449 - GUJARAT HIGH COURT] wherein held merely because the assessee was not residing close to the land or was also pursuing some other business would not by itself be sufficient to hold that the land was not used for agricultural purposes by the assessee. The Tribunal recorded that in the earlier years, the assessee had declared agricultural income, which was also accepted by the Revenue. - Decided in favour of assessee.
|