Compensation
and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013
(hereinafter RFCTLARR) made applicable from January 2014; whereas as per Sections ... RFCTLARR r/w the 4th Schedule of the same Act; The National Highway Authority
of India (NHAI), prima-facie is one the bodies covered
that the land under
consideration acquired by the government is acquired under
RFCTLARR Act . The land under consideration wasacquired under
RFCTLARR Act being the payment ... award was duly given after
insertion of the RFCTLARR Act . No capital gain arises on the
acquisition of the above yun6m d, the capital gain
Land
Acquisition, Rehabilitation and Resettlement Act 2013 (hereinafter
referred to as 'RFCTLARR') but the Assessing Officer had not followed
the binding Circular ... Gain shown by assessee in its return of
income in view of RFCTLARR Act . But as per the
award letter of the office of competent
subject to fulfilment of certain conditions for specified urban
land).
2. The RFCTLARR Act which came into effect from Is1 January, 2014, in section ... award or agreement made
(except those made under section 46 ) under the RFCTLARR Act . Therefore,
compensation received for compulsory acquisition of land under the RFCTLARR
FAIR
COMPENSATION AND TRANSPARENCY IN LAND
ACQUISITION, REHABILITATION AND RESETTLEMENT ACT,
2013 (RFCTLARR ACT) - INCOMECHARGEABLE AS -
TAXABILITY OF COMPENSATION RECEIVED BY LAND OWNERS
FOR LAND ... ACQUIRED UNDER RFCTLARR ACT CIRCULAR
NO.36/2016
[F.NO.225/88/2016-ITA.II], DATED 25-10-2016
Under the existing provisions
Compensation and Transparency in Land
Acquisition, Rehabilitation and Resettlement Act, 2013
("RFCTLARR").
In this regard, it is respectfully submitted that the land parcels ... respectfully submitted that the Land
Acquisition Act, 1894 was replaced vide RFCTLARR Act In 2013
with the primary purpose to regulate land acquisition and provide
Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013 (in short RFCTLARR) as well as
CBDT circular no.36/2016 dated 25thOctober 2016.
Assessee submits ... force till 31stDecember 2013 and
same has been repealed by the RFCTLARR Act, 2013 with
effect from 1st June 2014. The learned Assessing Officer
held
Compensation and Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013 (" RFCTLARR Act ," for short). However, the Pr. CIT
did not find favor ... claim of the assessee for exemption u/s.96 of the
RFCTLARR Act 2013, the Pr. CIT was of the view that as the lands
compensation and transparency in
Land Acquisition, Rehabilitation and Resettlement Act, 2013 (" RFCTLARR Act,
2013 "). Before the AO, the assessee has failed to file ... accepted that the compensation received by the
assessee is covered under the RFCTLARR Act, 2013 however, by observing that in
terms of section
Land Acquisition, Rehabilitation and Reassessment Act, 2013 (for short
'the RFCTLARR Act '). The A.O completed the assessment ... entire spectrum of this
matter is whether Section 96 of the RFCTLARR Act providing for exemption
from income tax, stamp duty and fees would also
