https://www.taxtmi.com/caselaws?id=284464 Section 10(37) applies where the land falls within the specified urban area, was used for agricultural purposes during the two years before transfer, and is transferred by compulsory acquisition or for consideration fixed or approved under the acquisition process. On the facts discussed, the land was treated as agricultural based on the agricultural officer's certificate, the nature of improvements, the acquisition records, and surrounding circumstances. Execution of a sale deed after negotiation on compensation did not change the character of the transfer, because the acquisition proceedings had already been initiated and the settlement related only to compensation. The capital gains exemption was therefore available. en-us Fri, 05 Apr 2019 00:00:00 +0530 Wed, 20 Nov 2019 10:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284464 Section 10(37) applies where the land falls within the specified urban area, was used for agricultural purposes during the two years before transfer, and is transferred by compulsory acquisition or for consideration fixed or approved under the acquisition process. On the facts discussed, the land was treated as agricultural based on the agricultural officer's certificate, the nature of improvements, the acquisition records, and surrounding circumstances. Execution of a sale deed after negotiation on compensation did not change the character of the transfer, because the acquisition proceedings had already been initiated and the settlement related only to compensation. The capital gains exemption was therefore available. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284464