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2017 (7) TMI 690 - ITAT DELHIBenefit of section 10(37) - nature of land sold - exemption of capital gains arising from the transfer of agricultural lands in the hands of individual or HUF - nature of receipt in the hands of the assessee - Held that:- Admittedly, the assessee has received the compensation in his capacity as a member of the society and not as an agriculturist, therefore, assessee cannot get the benefit of section 10(37) which exempts capital gains arising from the transfer of agricultural lands in the hands of individual or HUF. The amount received by assessee has to be taxed as capital gains and not under the head ‘income from other sources’ because assessee had parted with the membership of society. As rightly held by ld. CIT(A), however, the indexation is to be allowed with reference to the dates of payments made by assessee towards deposit of ₹ 40,000/-. Appeal of the assessee is partly allowed.
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