Held that Compensation received for constructed property on compulsory acquisition of land is assessable as a capital gain and directed to treat 60 per cent as cost of acquisition. (AY. 2007-08)
Ambaben Jamubhai Patel v. ITO (2022) 219 TTJ 674 / 218 DTR 41 (Surat) (Trib)
S. 45 : Capital gains-Income from other sources-Compensation received for constructed property on compulsory acquisition of land-Assessable as a capital gain-Directed to treat 60 per cent as cost of acquisition-Reassessment was held to be valid. [S. 48, 147, 148]