No Addition can be made on Compensation received from Government on Account of Acquisition of Land: ITAT[Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) recently held that no addition can be made on compensation received from the government on account of acquisition of land under Acquisition of Land Act, 1894. Assessee-Kishoresinh Hemantsinh Chudasama is a retired government employee and engaged in agricultural activities. Allegedly, the assessee’s income tax practitioner mishandled…