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2014 (11) TMI 937 - ANDHRA PRADESH HIGH COURTLand of assessee acquired under Land Acquisition Act – Fixation of market value by the Land Acquisition Officer – Claim of benefit u/s 54H - [Extension of time for acquiring new asset - Whether the word compensation as referred to in Section 45(5)/54H includes the additional compensation or not - Held that:- The compensation received by the owner of the property whenever it is acquired under the Act is treated as capital gains and it is made subject to levy of capital gains tax - the determination of the compensation for the land acquired from the assessee occurred at three stages viz., Land Acquisition Officer, Civil Court and the High Court - Naturally the payment of compensation was also made in a staggered manner depending on the nature of adjudication - the assessing authority took the view that it is only amount which is determined by the Land Acquisition Officer, that can be the subject matter of the exemption u/s 54 - it is a misnomer to call the enhanced amount as additional compensation – thus, the order of the Tribunal is set aside and the benefit u/s 54-H of the I.T. Act shall be extended to the entire amount of compensation – Decided in favour of assessee.
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