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TMI Blog2019 (5) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... adjudication. Exemption 10(37) - rectification u/s.154 - exemption to the capital gains arising to an Individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban limit, subject to fulfilment of certain conditions - CBDT circular No.36 of 2016 - Circular No.11011/30/2015-LA - compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made u/s 46 of RFCTLARR Act), is exempted from the levy of income tax - HELD THAT:- On consideration of the rival submissions, the department is duty bound to adhere to the instruction of the CBDT while disposing the proceedings before them. There is no dispute that both the circulars now referred by the assessee were not furnished bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification petition submitting that the appellant received the compensation from the Government of India, Ministry of Road Transport and Highways amounting to ₹ 12,93,070/- should have been reduced in view of CBDT Circular No.36 vide dt. 25.10.2016 and the points of law decided by the Hon'ble Apex Court as well as RFCTLARR Act of 2013 applicable to the facts of the Circular of Ministry of Road Transport Highways. Therefore the capital gain is not to be levied in the facts of the case and that has to be exempted entirely. Therefore failure of the forums below to appreciate but to skip over the relevant provisions caused illegality and denial of statutory law already settled. III. For that due consideration shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) on 13.2.2019 received by the assessee on 22,.2.2019, and, therefore, as soon as the order was received, the appeal was filed before the Tribunal. Considering the reasons given in the condonation petition, I hereby condone the delay and admit this appeal for adjudication. 4. I have heard the rival submissions and perused the relevant materials on the record of the Tribunal. Ld A.R. of the assessee submitted that the property of the assessee was compulsorily acquisitioned by National High Way, Keonjhar through Notification made by Collector Keonjhar in the financial year 2014-15 and the assessee was paid a compensation of ₹ 12,93,070/- on 31.3.2015. Ld A.R. submitted that the assessee was under bonafide belief that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7) in the Act from 01.04.2005 to provide specific exemption to the capital gains arising to an Individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban limit, subject to fulfilment of certain conditions. Therefore, compensation received from compulsory acquisition of an agricultural land is not taxable under the Act (subject to fulfilment of certain conditions for specified urban land). 6. He also states that the RFCTLARR Act which came into effect from 1st January, 2014, in section 96, inter alia, provides that income-tax shall not be levied on any award or agreement made [except those made under section 46) under the RFCTLARR Act Therefore, compensatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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