https://www.taxtmi.com/caselaws?id=394524 Exemption under section 10(37) was held allowable where agricultural land reserved for a public purpose had been subjected to acquisition proceedings by the municipal authority, and the compensation records described the payment as made for compulsory acquisition. The Tribunal applied the principle that the character of acquisition is not altered merely because compensation was settled by agreement and a sale deed was executed consequentially. As the land was treated as acquired for a sewerage treatment plant and the statutory conditions were satisfied, the addition for long-term capital gains was deleted. en-us Mon, 03 Feb 2020 00:00:00 +0530 Wed, 15 Apr 2020 13:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394524 Exemption under section 10(37) was held allowable where agricultural land reserved for a public purpose had been subjected to acquisition proceedings by the municipal authority, and the compensation records described the payment as made for compulsory acquisition. The Tribunal applied the principle that the character of acquisition is not altered merely because compensation was settled by agreement and a sale deed was executed consequentially. As the land was treated as acquired for a sewerage treatment plant and the statutory conditions were satisfied, the addition for long-term capital gains was deleted. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394524