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ITAT Bangalore Restores Exemption Claim on Compulsory Land Acquisition
Case Law Details
- Case Name
- Mallikarjunaiah Adveeshaiah Hullukunte Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Mallikarjunaiah Adveeshaiah Hullukunte Vs ACIT (ITAT Bangalore)
Compulsory Acquisition Compensation – CBDT Circular 36/2016 Ignored – ITAT Restores Exemption Claim on Land Acquisition
Assessee had received ₹9.23 crore from Government of Karnataka towards acquisition of hotel land & building. He declared long-term capital gain of ₹1.65 crore after claiming deduction u/s 54D of ₹3.18 crore & further deduction of ₹1 crore towards construction of new property. AO disallowed the construction cost citing non-compliance with CGAS deposit requirement & non-comp...
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