10 August 2008
an assessee received a sum of rs. 2 lacs from a company for using his land to laying pipelines under his property which he was showing as fixed asset in his books having no such use of the land i.e. the land was lying idle. this receipt is only for once. what will be the nature of that receipt? will it be taxable? if yes then under which section & if not then why and under which section?
CAclubindia
