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No Capital Gain Tax on Income from Compulsory Acquisition of Agricultural Land
Case Law Details
- Case Name
- Anil Plantations Pvt. Ltd. Vs Pr. C.I.T. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012- 13
- Courts
- All ITAT, ITAT Kolkata
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This is an appeal by the Assessee against the order dated 29.03.20 17 of Pr. C.I.T.-2, Kolkata passed u/s 263 of the Income Tax Act, 1961 (Act) relating to A.Y.2012-13.
2. The Assessee is a company. It is engaged in the business of growing and manufacturing and selling of tea. The assessee’ s tea estate is located at Harishnagar Tea Estate, P.O.Harishnagar via Bhishalgarh Vill.Gokul Nagar District Sepahijala, Tripura West – 799102. During the previous year a portion of the assessee’s tea plantation comprising of land together with tea gardens thereon was acquired by the ...
Dear Sir,
My case is similar. We had ancestors property a farm in our name (In Maharashtra Chandrapur District). Western Coal Field has acquired our land and compensated for the same.
I have received compensation of in surplus of 26 Lakhs. The land was purely agriculture. However it is looking after by someone in the same village, and I am working in private job.
Does the compensation received qualifies for tax deduction under any Indian Income tax law?