No Tax on Consideration received for compulsory acquisition of land & Building

Madaparambil Varkey Varghese Vs ACIT (Kerala High Court)

The compensation awarded for the acquisition of land, buildings etc of the petitioner by Kochi Metro Rail Project is Rs.7,54,24,705/-. During the Assessment Year 2016-17 the petitioner has received 80% of the compensation determined through Award dated 30.10.2015. While computing the net taxable income of the petitioner-assessee, Assessing Officer has included the compensation amount of 80% received in the subject Assessment Year and assessed the income of the petition

Please become a Premium member. If you are already a Premium member, login here to access the full content.