Commissioner Of Income Tax vs All India Tea & Trading Co. Ltd.

Authority: High Court Date: 1977-09-29 AY: 1960-61 Section: 2(14), 45(1), 2(1A) Acts: Indian Income Tax Act, 1922 (Sections 2(4A), 12B, 66(1), 66(2)), Assam Land (Requisition & Acquisition) Act, 1948 Result: Assessee Citation: (1979) 117 ITR 525 (CAL) Justices: S.C. Deb & C.K. Banerji, JJ. Appeal No: IT Ref. No. 110 of 1959
Whether compensation received for acquisition of agricultural lands, which were requisitioned and used by others for agriculture, is taxable as capital gains under Section 12B of the Indian Income Tax Act, 1922 --- Held No, as the lands remained agricultural lands and were not capital assets.

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