9911796707
TMI Blog2021 (3) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 156 of the 'Act'. 2. BECAUSE, upon due consideration of the matter the Ld. 'CIT(A)' was not justified in o facts and in law too holding that "nature of rectification sought by him is not within the domain of section 154 of the Act as it is not mistake apparent from records" which finding is uncalled for having been recorded after adjudicating the claim on merits. 3. BECAUSE, while deciding the appeal Ld. CIT(A) has totally omitted to consider that 'appellant' is entitled for deduction under section 10(37) of the Income Tax 'Act 'and all the essential of section 10(37) are fully met by the 'appellant' and therefore, the compensation received by the 'appellant' cannot be subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee against the said order stood dismissed by ld. CIT(A) observing that the rectification sought by assessee before the Assessing Officer was not a mistake apparent on the face of record. 3. The ld. AR submitted that the CIT(A) was not justified to consider the contention of the assessee that the sum received by the assessee as a result of compulsory acquisition of land amounting to Rs. 2,77,06,520/- was erroneously and ignorantly offered to tax due to lack of knowledge while the compensation so received was exempt from tax. It was further submitted that no tax should be collected or levied without any authority of law; that the compensation was received by appellant on 31.03.2014 after the RFCTLARR Act came into force. The ld. coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under sub-section (1) or sub-section (2), the competent authority shall give a public notice published in two local newspapers, one of which will be in a vernacular language inviting claims from all persons interested in the land to be acquired. (4) Such notice shall state the particulars of the land and shall require all persons interested in such land to appear in person or by an agent or by a legal practitioner referred to in sub-section (2) of section 3C, before the competent authority, at a time and place and to state the nature of their respective interest in such land. (5) If the amount determined by the competent authority under subsection (1) or sub-section (2) is not acceptable to either of the parties, the amount shall, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le as in the present case award was passed on 05.02.2013, which is a date prior to the date when RFCTAAR Act was made applicable. Therefore, its provisions are not applicable. Further as per section 5 of the IT Act, income of assessee (compensation received by assessee) is required to be taxed when the said compensation have accrued in favour of the assessee or deemed to have been accrued. Undisputedly, the assessee was entitled to receive the compensation when the award was passed quantifying the amount in favour of the assessee for acquisition of land. Therefore, in our opinion, the cutoff date for the purpose of determining its taxability is the date when the assessee was found to be entitled to receive the compensation and not the date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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