9911796707
TMI Blog2025 (5) TMI 1173X X X X Extracts X X X X X X X X Extracts X X X X ..... an individual, engaged in the business of real estate broking and also running a grocery shop at Ramanattukara. The return of income for the assessment year 2014-2015 was filed on 10th June, 2014 disclosing income of Rs. 2,43,800. The same was revised on 14th August, 2014, disclosing the same income as in the original return of income, however claimed higher refund on account of TDS made by the Land Acquisition Tahsildar amounting to Rs. 55,74,400. Against the said return of income, the assessment was completed by the Income Tax Officer, Ward 2(3), Kozhikode ("the AO"), vide order dated 11th August, 2016 passed u/s. 143(3) of the Act, at a total income of Rs. 50,02,310. While doing so, the AO made an addition of Rs. 47,46,509 being the sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As orally agreed by the co-ventures, an agreement for the above purchase was executed 20.02.2008 between Sri Koniyan Abdurahiman, on the one part and the appellant on behalf of the Co-ventures. An amount of Rs. 83, 00,000 was paid towards the purchase consideration on various dates from 20.02.2008 to 28.02.2009. 4. Subsequently, the said land was acquired by the Government of Kerala for setting up of KINFRA Knowledge Park at Ramanattukara as per Notification No.465 dated 27.02.2009. The seller had given registered power of attorney in favour of the purchaser to receive the compensation for the said land. The land acquisition compensation was initially awarded on 16th July, 2010 and the possession of the land was taken over on 12.10.2010. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act came into existence. 6. Being aggrieved, the appellant is in appeal before us, in the present appeal. The learned Counsel for the assessee submits that the subject land which was acquired by the Government of Kerala as an agricultural land and the enhanced compensation received by the assessee is not liable to tax in view of the provisions of section 10(37) of the Act. He further submits that the subject land which was acquired by the Government of Kerala is rural agricultural land as per certificate issued by the Village Officer, Ramanattukara. As per certificate dated 8th April, 2014, which was produced before the first appellate authority. Thus, he submits that the enhanced compensation received by the appellant is not liable to ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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