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The ITAT allowed the appeal, holding that compensation received by the assessee on compulsory acquisition of agricultural land under the National Highways Act, 1956, is exempt from income tax under Section 96 of the RFCTLARR Act, 2013. The tribunal affirmed that such compensation is not taxable as capital gains since the agricultural land did not qualify as a "capital asset" under Section 2(14)(iii) of the Income-tax Act, 1961, being outside urban agglomeration and notified area limits. The matter was remanded to the AO to verify the factual status of the land's classification. If confirmed, the compensation would not be taxable under capital gains. Consequently, the assessee's claim for exemption on both statutory grounds was upheld, and the appeal was allowed for statistical purposes.
The ITAT allowed the appeal, holding that compensation received by the assessee on compulsory acquisition of agricultural land under the National Highways Act, 1956, is exempt from income tax under Section 96 of the RFCTLARR Act, 2013. The tribunal affirmed that such compensation is not taxable as capital gains since the agricultural land did not qualify as a "capital asset" under Section 2(14)(iii) of the Income-tax Act, 1961, being outside urban agglomeration and notified area limits. The matter was remanded to the AO to verify the factual status of the land's classification. If confirmed, the compensation would not be taxable under capital gains. Consequently, the assessee's claim for exemption on both statutory grounds was upheld, and the appeal was allowed for statistical purposes.
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