9911796707
TMI Blog2021 (9) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... as held since the very adjudication before various authorities proceeded on the assumption that there exits a separate component of additional compensation and since we find that such a concept is alien to the Scheme and the Act of for that matter, the I.T.Act, we allow the appeal and accordingly set aside the impugned order. As directed that benefit of section 54H of the Act shall be extended to the entire amount of compensation as enhanced by Hon ble High Court. The Revenue has not brought any contrary binding precedents to our notice, therefore, we do not see any infirmity in the order of Ld.CIT(A) and the same is hereby affirmed. Thus, ground raised by the Revenue is rejected. - ITA No. 174/Del/2018 - - - Dated:- 31-8-2021 - SH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- in the capital gain scheme, ₹ 25,00,000/- as litigation expenses and the balance amount of compensation of ₹ 64,45,242/- offered to tax under the head income from capital gains. The Assessing Officer observed that property in question was acquired on account of development of Delhi Metro Rail at Civil Lines, Delhi. Thereafter, the assessee had received the compensation and declared capital gain in the Assessment Year 2003-04. In the same Assessment Year, the assessee had claimed exemption u/s 54 of the Act on the original compensation by investing the same into capital gain FDR scheme. However, the same was not utilized for the specified purpose later on tax was paid in Assessment Year 2005-06 on the original amount of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present case, the assessee had received enhanced compensation amounting to ₹ 13,15,68,759/- that included the interest on enhanced compensation of ₹ 7,71,23,517/- so far the interest is concerned, the same has been offered for tax as income under the head income from other sources . However, for the component of enhanced compensation, the assesse claimed exemption u/s 54 of the Act by investing ₹ 4,55,00,000/- under the capital gains scheme. He submitted that Ld.CIT(A) erroneously applied section 54H of the Act. He drew our attention to the provision of section 54H of the Act in support of his contention that the benefit of section 54H of the Act is not available to the assessee. 6. Per contra, Ld. Counsel for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived on the date of the transfer, shall be reckoned from the date of receipt of such compensation : Provided that where the compensation in respect of transfer of the original asset by way of compulsory acquisition under any law is received before the 1st day of April, 1991, the aforesaid period or periods, if expired, shall extend up to the 31st day of December, 1991. 8. As per the Revenue, no benefit can be given to the assessee u/s 54H of the Act as the facts in the present case are that the assessee had claimed deduction u/s 54H of the Act for the compensation received in respect of Assessment Year 2003-04. It is contended that section 54/54H of the Act neither speak about the investment of additional compensation nor abo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
