Caprihans India Ltd. v. Dy.CIT (2020) 203 TTJ 450 (Mum.)(Trib.)

S. 68 : Cash credits-Compensation-Land acquisition-Land held as stock in trade-Not undisclosed income. [S. 143(3)]

Where compensation received by assessee on account of acquisition of its land by Government, which formed part of its stock-in-trade was duly accounted for in its sales for year under consideration, Assessing Officer was unjustified in assessing same as undisclosed income/receipts in hands of assessee. (AY. 2005-06 to 2007-08)