TMI BlogRefund claim u/s 119 (2) (b) - condonation of delay - the land in question would be categorized as a...Refund claim u/s 119 (2) (b) - condonation of delay - the land in question would be categorized as a capital asset. Therefore, the assessee cannot claim the benefit of exemption to “agricultural land” and hence, the compensation received by the assessee in pursuance of land acquisition proceedings, is subject to tax and the refund has been rightly rejected, as being barred by limitation. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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