Income Tax is not Leviable on Award received on Compulsory Acquisition of Agricultural Land of Partnership Firm: ITAT [Read Order]

Income Tax - Award received on Compulsory Acquisition of Agricultural Land of Partnership Firm - ITAT - Agricultural Land of Partnership Firm -Award received -Agricultural Land - Partnership Firm- taxscan

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) held that Income Tax is not leviable on award received on the compulsory acquisition of the agricultural land of partnership firm. The assessee , Parasnath Vinimay Pvt. Ltd.is a Private Limited company. After filing the return of the income the  case was processed under Section 143(1)…

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