No acquisition cost, no capital gains tax

IN THE ITAT PUNE BENCH ‘A’ Dilip G. Sopal Barshi versus Income-tax Officer, Ward 2(3), Solapur IT Appeal No. 421(PN) of 2011 [Assessment year 2003-04 ] July 16, 2012 ORDER Shailendra Kumar Yadav, Judicial Member   This appeal has been filed by the assessee against the order of CIT(A) on following grounds : “1.  The Ld. CIT(A) erred in holding that the amount of compensation received of Rs. 15,00,000/- is enhanced compensation for acquisition of right to draw water from a well which was already compulsorily acquired in 1986 by the State Government and conse...