Provisions 45 of Income Tax Act applies to compensation received from allotment of proposed building

Raghav Maheshchandra Trivedi Vs CIT (ITAT Ahmedabad) ITAT Ahmedabad held that compensation received from proposed building by way of allotment is extinguishment of right in relation to capital asset and hence provisions of section 45 of the Income Tax Act gets applicable. Facts- On verification of the assessment order, PCIT found that the assesse received a compensation of Rs. 1,92,18,157/- from M/s. Adarsh Developers and Others on purchase of a villa at Bangalore. Since the developer failed to execute the contract and defaulted in completing the project thereby the assessee got this compensat...