Held that the\u00a0 land belonged to the assessee along with other family members who were co-owners. The assessment of long-term capital gains should have been made in the exact proportion to the extent to which land belonged to each of them. There could not be a concession in law and the assessment should have been made on the right person and in the right proportion. Order set aside.\u00a0 That the land was compulsorily acquired under the\u00a0Tamil Nadu Highways Act, 2001\u00a0and compensation received by the assessee for the land acquired under the\u00a0Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013\u00a0should have been assessed in accordance with Circular No. 36 of 2016, dated October 25, 2016\u00a0 (2016) 388 ITR\u00a0 48(St).\u00a0 \u00a0\u00a0The Assessing Officer was directed to t examine afresh whether the assessee was entitled to exemption under section 54 or section 54F of the Act of the Act. (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Compulsory Acquisition of property-Co-owners-Matter remanded [S. 54F, Right To Fair Compensation And Transparency In Land Acquisition, Rehabilitation And Resettlement Act, 2013, Tamil Nadu Highways Act, 2001] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36068","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9nK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36068"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36068\/revisions"}],"predecessor-version":[{"id":36069,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36068\/revisions\/36069"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}