9911796707
TMI Blog2010 (7) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal reads as under: 1. In the facts and circumstances of the case, it may be held that the compensation of ₹ 2,80,209/- received from M/s.Gujarat Gas Co. Ltd., for granting the right of user of the agricultural land for laying out pipelines under the land, is neither liable as income nor as capital gains under the I.T.Act, 1961. 2. At the time of hearing before us, it is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the ITAT. 3. It is submitted by the learned counsel that there was no transfer of agriculture land or any other capital assets by the assessee. Therefore, the compensation received cannot be charged to capital gain tax. He therefore submitted that the direction of the CIT(A) to charge capital gains tax on the capital receipts should be modified and it may be held that the compensation re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed before us. There is no dispute about the fact that the assessee received the compensation for laying down the underground pipeline by the GGCL in the agricultural land owned by the assessee. The compensation was treated as income from other sources by the AO but the CIT(A) held the same to be capital receipt. The order of the CIT(A) is accepted by the Revenue. Thus, only question before me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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