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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.
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.
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