9911796707
TMI Blog2007 (4) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... n the hand of assessee - Income-tax Applications Nos. 25 & 54 of 1995 - - - Dated:- 18-4-2007 - JUDGMENT' The judgment of the court was delivered by J. P. DEVADHAR J.— In these two applications filed under section 256(2) of the Income-tax Act, 1961, the applicant-assessee seeks an order directing the Tribunal to forward the following questions of law for the opinion of this court. "(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cultivation and was the agricultural income and in any case could not be taxed at all as capital receipt or otherwise. ?" 2 The assessment years involved herein are the assessment years 1981-82 and 1982-83. 3 In these cases, possession of agricultural land belonging to the assessee was taken over by the State Government for irrigation project by negotiations, even before initiating proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitiating proceedings under the Land Acquisition Act, the enhanced compensation payable from April 1, 1979, till the date of the award would be agricultural income, and therefore, interest payable thereon would be capital receipt and not taxable. The assessee relied upon the decision of the Kerala High Court in the case of CIT v. Perlyar and Pareekanni Rubbers Ltd. [1973] 87 ITR 666. The Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Dr. Shamlal Narula v. CIT [1964] 53 ITR 151 and rejected the application filed by the assessee, hence the present application. is filed by the assessee. 7 The questions in these cases is where the possession of the immovable property is taken by the State Government even before initiating the proceedings under the Land Acquisition Act, and thereafter enhanced compensation is pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
