DCIT 27(1), MUMBAI vs. M/S. GANGA DEVELOPERS, MUMBAI

ITA 2328/MUM/2021Status: DisposedITAT Mumbai12 October 2022AY 2017-1842 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the compensation received was exempt from tax as the award was passed under the new Land Acquisition Act, 2013, and thus Section 96 of that Act applied. The Tribunal also confirmed the deletion of deemed income from unsold flats based on previous year's decision.

What were the facts?

The assessee, a real estate developer, received compensation for compulsory land acquisition. The Assessing Officer treated this compensation as business income, but the CIT(A) allowed the assessee's claim for exemption.

What were the issues?

Whether compensation received for compulsory land acquisition is taxable when the award is passed after the repeal of the old Land Acquisition Act. Whether deemed income from unsold flats is taxable.

Which sections of the Income-tax Act were involved?

Section 10(37),Section 96,Section 11,Section 24

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Cases cited in this judgment(2)Show list

Detected automatically from the text. The count shows how many other judgments on BharatTax rely on the same authority.

  • 116 Taxmann.com 894
    116 Taxmann.com 894
    3 citing
  • 88 Taxmann.com 526
    88 Taxmann.com 526 · 2017
    3 citing

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

For Appellant: Shri J.P. Bairagra, AR
For Respondent: Shri Jasbir Chouhan, DR
Hearing: 13.07.2022Pronounced: 12.10.2022

PER PRASHANT MAHARISHI, AM:

01.

This appeal is filed by the Dy. Commissioner of Income- tax 27(1), Mumbai (the learned Assessing Officer) against the appellate order passed by the Commissioner of Income-tax (Appeals)52, Mumbai [the learned CIT (A)] for A.Y. 2007-08 dated 2nd August, 2021, wherein the appeal filed by the assessee against the assessment order dated 28th December, 2019 passed under Section 143(3) of the Income-tax Act, 1961 (the Act), by the learned Assessing Officer was allowed. M/s Ganga Developers; A.Y. 17–18

02.

The learned Assessing Officer has raised the following grounds of appeal:-

“1. Whether on the facts and circumstances of the case and in law the Ld. CIT(A)

The order continues below.

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