CHAKIRI ASHOK KUMAR Vs. THE INCOME TAX OFFICER

JUDGEMENT

(1.) THE appellant is an assessee. His land, admeasuring Ac. 1.62 cents was acquired by the Government of A.P. in the year 1976, by invoking the provisions of the Land Acquisition Act (for short 'the Act'). The Land Acquisition Officer fixed the market value at Rs. 6.50 ps. per square yard. Not satisfied with that, the appellant sought for reference under Section 18 of the Act. The same was taken up by the subordinate Judge, Ongole and through its order, dated 31.07.1986, the trial Court enhanced the market value to Rs. 20/ - per square yard. The statutory benefits such as solatium, additional market value were also awarded. Seeking further enhancement of compensation, the appellant filed an appeal before this Court. Through its judgment, dated 16.08.1991, this Court the fixed the market value at Rs. 70/ - per square yard. All the statutory benefits were also extended. The appellant filed returns year after year. In the context of levy of the capital gains tax, the appellant claimed the benefit under Section 54 -H of the Income Tax Act (for short 'the I.T. Act').

(2.) THE Assessing Officer restricted the benefit only to the amount awarded by the Land Acquisition Officer. The enhancement ordered by the trial Court as well as this Court were treated as additional compensations and not covered by Section 54 -H of the I.T. Act. The Commissioner of Appeals dismissed the appeals through order, dated 19.12.1995. Further appeals preferred before the Hyderabad Bench of the Income Tax Appellate Tribunal being I.T.T.A. Nos. 571 and 572/Hyd/96 were also rejected, through order, dated 30.05.2001. Hence, this appeal against the common order.

(3.) HEARD learned counsel for the appellant and learned counsel for the respondent.