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Case Law Details

Case Name : The Income Tax Officer Vs Sri.Harimurali Sreedhara Panickar (ITAT Cochin)
Related Assessment Year : 2012-2013
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ITO Vs Sri. Harimurali Sreedhara Panickar (ITAT Cochin)

In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was a compulsory acquisition and the same would be entitled to the benefit enumerated in section 10(37) of the I.T.Act.

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One Comment

  1. PARAS CHHAJED says:

    An assessee partnership firm has received compensation for land acquired by state government which as per section 96 of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not liable to income tax. The asset acquired was forming part of stock in trade of the assessee therefore the compensation has been credited to profit and loss account. Please guide how to disclose the same and claim exemption while filing ITR 5 of the firm. Thanks

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