SHIVNATHSINGH CHOUDHARY ORS Vs. INCOME TAX OFFICER ITO V SHIVANATHSINGH CHOWDHARY ORS ITA NOS 891 892/IND/1989; ASST YR 1982 83
INCOME TAX APPELLATE TRIBUNAL
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R. D. AGRAWALA, J.M. : -
(1.) THIS order will dispose of 3 appeals, one by the assessee while the other two by the Department, all pertaining to asst. yr. 1982-83.
(2.) To state the facts succinctly, the Assessing Officer, based on his Inspector's report, noted that the assessee had sold some land to M/s. Kirloskar Brothers, Dewas, on 6th July, 1961. They received an amount of Rs. 2,33,804 on 20th January, 1982. Assessee-HUF consisted of seven members, who owned agricultural land admeasuring 125 acres approximately. This land was compulsorily acquired by the Govt. for an industry to be set up by M/s. Kirloskar Bros., Dewas.
In respect of the acquisition of land, the compensation was finally determined by the Madhya Pradesh High Court in a sum of Rs. 2,33,169 vide its order dt. 25th November, 1980, which amount included a sum of Rs. 1,29,129 towards interest.
(3.) THE Assessing Officer took the view that the amount of compensation and interest was assessable in the hands of the assessee in the year of receipt. A capital gain tax was worked out at Rs. 66,164 arising out of the sale of land of the assessee-HUF. THE assessment was eventually completed under s. 144 of the IT Act.;
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