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TMI Blog2024 (8) TMI 883X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the Special Land Acquisition Officer, Municipal Corporation Agra u/s 24 (1) of the right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (the Land Acquisition Act of 2013) - HELD THAT:- We are of the considered opinion that amount of compensation received under an award passed under Land Acquisition Act, 2013, is not exigible to incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition is without any substance. The legal position is amply clear that any compensation received by a person under an award passed in terms of the Provisions of Land Acquisition Act, 2013 is exempted from payment of income tax except the amount received in reference to Section 46. Petitioner has not brought to our notice any assessment order passed against the petitioner demanding the income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (the Land Acquisition Act of 2013). 2. Apprehending that the compensation received by the petitioner may be taxed under the Income Tax Act, the instant petition was filed seeking inter alia a direction to the respondent Income Tax Authorities not to demand income tax on the amount received under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961 also provides clearly that any income arising from the transfer of agricultural land will not be exigible to Income Tax under the head Capital gains if such transfer of agricultural land is by way of compulsory acquisition under any law. 5. The position has been further made clear by Circular No. 36 of 2016 issued by the Government of India, Ministry of Finance, Department ..... X X X X Extracts X X X X X X X X Extracts X X X X
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