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        Case ID :
        Income Tax

        ITAT ruled in favor of the assessee regarding land acquisition...

        Land Acquisition Compensation Exempted from Long Term Capital Gains Tax Under Section 96 of RFCTLARR Act, 2013

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT ruled in favor of the assessee regarding land acquisition compensation. The tribunal held that compensation received from compulsory land acquisition under the National Highway Act, 1956, is exempt from Long Term Capital Gains tax under Section 96 of the RFCTLARR Act, 2013. The exemption applies to cases where the award was granted prior to 31.12.2024 but compensation was not paid until 31.12.2014. Relying on precedent cases from Punjab & Haryana HC and ITAT Amritsar, the tribunal deleted the income tax addition, effectively granting tax exemption to the assessee's compensation amount.
                                Note: It is a system-generated summary and is for quick reference only.
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