Sec 28 it act

Dear Gaurav,

VG Sir elaborated this point into taxability of Mutual Concern

Income of a Mutual Concern is taxable in the following circumstances:

a) Where the mutual concern is a trade, professional or similar association, then the income derived from specific services performed for its members is taxable as Profits and Gains of Business or Profession under Section 28. However if mutual concern is resident welfare association, sports club, etc then the income derived from specific services performed for its members is not taxable.

The services which are not available to all the members, but available to those only who are ready to specially pay for such special services.

Can you explain Section 28 (iii) 

Compensation received by a person for vesting management of property tom govt. or govt co. under any law 

Any Example and why Compulsory Acquisition is not covered here....???