https://www.taxtmi.com/caselaws?id=393656 Capital gain from transfer of agricultural land qualified for exemption under section 10(37) because the land was treated as compulsorily acquired rather than sold voluntarily. The record showed reservation of the land for a public project, initiation of acquisition proceedings, and municipal correspondence describing the payment as compensation for compulsory acquisition. Relying on its coordinate bench ruling on identical facts, as affirmed by the jurisdictional HC, and on the principle that an agreed compensation amount does not change the character of a compulsory acquisition, the ITAT concluded that the statutory conditions were met. The addition relating to long-term capital gain was therefore unsustainable. en-us Mon, 03 Feb 2020 00:00:00 +0530 Fri, 20 Mar 2020 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393656 Capital gain from transfer of agricultural land qualified for exemption under section 10(37) because the land was treated as compulsorily acquired rather than sold voluntarily. The record showed reservation of the land for a public project, initiation of acquisition proceedings, and municipal correspondence describing the payment as compensation for compulsory acquisition. Relying on its coordinate bench ruling on identical facts, as affirmed by the jurisdictional HC, and on the principle that an agreed compensation amount does not change the character of a compulsory acquisition, the ITAT concluded that the statutory conditions were met. The addition relating to long-term capital gain was therefore unsustainable. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393656