https://www.taxtmi.com/caselaws?id=287457 Land transferred to a municipal corporation was treated as compulsorily acquired where statutory acquisition proceedings had been initiated after the land was reserved for a sewage treatment plant. Execution of sale deeds after negotiation on compensation did not alter the compulsory character of the acquisition, and a negotiated settlement on compensation was not enough to convert the transaction into a voluntary sale for section 10(37) purposes. The fact that the assessee did not personally carry out agricultural operations did not defeat exemption where the governing interpretation of section 10(37) was otherwise satisfied. The capital gain claim was accepted and the disallowance by the lower authorities was set aside. en-us Fri, 13 Dec 2019 00:00:00 +0530 Wed, 15 Apr 2020 10:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287457 Land transferred to a municipal corporation was treated as compulsorily acquired where statutory acquisition proceedings had been initiated after the land was reserved for a sewage treatment plant. Execution of sale deeds after negotiation on compensation did not alter the compulsory character of the acquisition, and a negotiated settlement on compensation was not enough to convert the transaction into a voluntary sale for section 10(37) purposes. The fact that the assessee did not personally carry out agricultural operations did not defeat exemption where the governing interpretation of section 10(37) was otherwise satisfied. The capital gain claim was accepted and the disallowance by the lower authorities was set aside. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287457