https://www.taxtmi.com/caselaws?id=286916 Exemption for capital gains on agricultural land transferred to a municipal corporation may apply where acquisition proceedings were initiated for a public purpose, even if owners agreed on compensation and executed sale deeds. Settlement of compensation affects only the quantum payable and does not convert an acquisition into a voluntary sale when land records, official communications and governmental notifications establish acquisition under the statutory regime. Personal cultivation by the assessee is not required for this exemption. The transfer was characterised as compulsory acquisition, resulting in exemption of the related long-term capital gains and deletion of the disallowance. 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 Exemption for capital gains on agricultural land transferred to a municipal corporation may apply where acquisition proceedings were initiated for a public purpose, even if owners agreed on compensation and executed sale deeds. Settlement of compensation affects only the quantum payable and does not convert an acquisition into a voluntary sale when land records, official communications and governmental notifications establish acquisition under the statutory regime. Personal cultivation by the assessee is not required for this exemption. The transfer was characterised as compulsory acquisition, resulting in exemption of the related long-term capital gains and deletion of the disallowance. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286916