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Section 10(37) Exemption Allowed; Agricultural Land Held Outside Capital Asset Definition: ITAT Chennai
Case Law Details
- Case Name
- Sundaramahalingam Narayanan Vs ITO (ITAT Chennai)
- 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 Chennai
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Sundaramahalingam Narayanan Vs ITO (ITAT Chennai)
The appeal before the ITAT Chennai arose from the order of the Commissioner of Income Tax (Appeals) dated 16.12.2024 for Assessment Year 2012-13. The Assessing Officer (AO), while completing the assessment under Section 143(3), made three principal additions: treating ₹26,60,000 received on sale of a flat as income instead of advance, denying exemption under Section 10(37) in respect of compensation of ₹83,70,119 received on compulsory acquisition of land at Paiyanur, and taxing capital gains of ₹5,09,709 on sale of land at Poonchery by t...
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