Mumbai City 22, Vashi, Navi Mumbai v. M/S. Hormuz Salt Works

1 MSS IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME-TAX APPEAL NO. 709 OF 2007 THE COMMISSIONER OF INCOME TAX 22 MUMBAI CITY 22, VASHI, NAVI MUMBAI - APPELLANT Vs. M/s. HORMUZ SALT WORKS .. RESPONDENT Mr. N. A. Kazi for Appellant Mr. F. V. Irani i/b Maneksha & Sethna for respondent CORAM:SMT.RANJANA DESAI & J. P. DEVADHAR, JJ. DATE: 9/2/2009 P.C. . Admitted on the following substantial question of law: a) Whether on the facts and in the circumstances of the case and in law, the Honible Tribunal was justified in excluding the ex-gratia amount received and Rs.15,000/- per acre under agreement with CIDCO apart from compensation received from the State Govt. constituted compensation compulsory acquisition of land and whether the same is assessable to tax in the hands of the assessee? JUDGE 2 JUDGE