Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA.II division, North Block, New Delhi, Circular No. 36/2016 Dated: 25th of October, 2016 Subject: Taxability of the compensation received by the land owners for the land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and… Read More »
Held The nearness of the land to highway also does not alter the character of the land and appreciation in the price of land cannot be seen in isolation and if agricultural operations were carried out by the assessee, the appreciation in the price of land alone would not lead to the conclusion that the… Read More »
Facts of the Case :- Assessee purchased a piece of land used for rubber plantation .Subsequently, assessee sold said property through a broker. Assessee claimed that property sold was an agricultural land and, hence, profit arising on its sale was exempt from tax . Assessing Officer found that nature of property at time of registration… Read More »