https://www.taxtmi.com/caselaws?id=286916 For section 10(37), land transferred to a municipal corporation pursuant to acquisition proceedings for a public purpose was treated as compulsory acquisition, even though the compensation amount was settled by agreement and sale deeds were executed. The agreement on compensation did not change the statutory character of the transaction, which remained within the acquisition regime rather than a voluntary sale. The note further states that personal conduct of agricultural operations by the assessee was not essential for the exemption. On that basis, exemption under section 10(37) was available and the long-term capital gains addition was directed to be deleted. en-us Fri, 13 Dec 2019 00:00:00 +0530 Fri, 20 Mar 2020 10:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286916 For section 10(37), land transferred to a municipal corporation pursuant to acquisition proceedings for a public purpose was treated as compulsory acquisition, even though the compensation amount was settled by agreement and sale deeds were executed. The agreement on compensation did not change the statutory character of the transaction, which remained within the acquisition regime rather than a voluntary sale. The note further states that personal conduct of agricultural operations by the assessee was not essential for the exemption. On that basis, exemption under section 10(37) was available and the long-term capital gains addition was directed to be deleted. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286916