There is an anomaly between the Land Acquisition Act and the Income- Tax Act in case of acquisition of non- agricultural land, Parliament was informed on Thursday. Certain anomalies between the provision of the Right to Fair Compensation and Transparency
in Land Acquisition, Rehabilitation and Resettlement Act, 2013, and the Income- Tax Act, 1961, have recently been brought to the notice of the Central Board of Direct Taxes, Minister of State for Rural Development Ram Kripal Yadav said in the Lok Sabha. “...
there is anomaly between the two Acts, regarding the taxability of income ( arising from compensation received in lieu of acquisition of land) to the extent the land under consideration falls in non- agriculture category,” Yadav said. - www.business-standard.com[12-08-2016]