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2019 (5) TMI 1241 - HC - Income Tax


Issues:
1. Interpretation of Sections 10(37) and 145A of the Income Tax Act for assessment.

Analysis:
The judgment addresses the substantial question of law regarding the need for remand due to assessments made without considering Section 10(37) and 145A of the Income Tax Act. The Revenue argued that the appellant's new case based on these sections was not raised before the lower authorities and should be examined by the Assessing Officer. The Revenue emphasized that income computation should be on a receipt basis, as established by a previous Supreme Court ruling. The amended provision of Section 10(37) exempts certain income from the total income if arising from the transfer of agricultural land through compulsory acquisition or with government-approved consideration. The court noted that the appellant's reliance on Section 10(37) and the amended Section 145A was valid, as these provisions were inserted and substituted on specific dates.

The court concluded that the substantial question of law was answered affirmatively, leading to the partial allowance of the appeal. The order under challenge was set aside, and the case was remitted back to the competent authority for re-assessment in compliance with Sections 10(37) and 145A of the Income Tax Act. The judgment highlighted the importance of considering the specific provisions during assessments and emphasized adherence to the law in such matters.

 

 

 

 

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