Case Law Details
Case Name : Jagan Nath Prasad & Sons Vs Income Tax Officer (ITAT Delhi)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Delhi
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Brief Fact of the Case
The assessee has an agricultural land. During A.Y. 2010-11, M/s Indian Oil Coproration Ltd, had laid down the underground pipe-line. The Land of the assessee was in the way of pipe line to be laid down. For digging of land and laying the pipe-line, the Indian Oil Corporation Ltd. had paid Rs. 4,75,980/- to the assessee which was considered to be a capital in nature. However, the A.O. did not find merit in the submissions of the assessee and made the addition treating the said amount as revenue receipt and also causal and non-recurring nature.
Contention of the Assessee
T...
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2 Comments
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Respected sir,
There is a transmission line made by powergrid. I am from surat. Powergrid is going to give compensation for damages of land. This compensation is for devaluation of land price.we want to know is there any tax on this compensation?
Thanks
Dear sir,
please let me know where we can get the gross annual value certificate and fair rent certificate so as to submit the same to the competent authority for claiming rebate under sec 24 of IT ACT FOR rural area.(village)