https://www.taxtmi.com/caselaws?id=405233 Compensation for compulsory acquisition was treated as taxable where the acquisition award and the right to receive compensation had crystallised before the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 came into force. Section 24 of the 2013 Act was therefore inapplicable to the transaction, and the exemption claim failed. For income-tax purposes, the relevant test was accrual under section 5 of the Income-tax Act, 1961, so taxability turned on when the compensation right arose rather than on the date of actual receipt. en-us Wed, 10 Mar 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:37:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405233 Compensation for compulsory acquisition was treated as taxable where the acquisition award and the right to receive compensation had crystallised before the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 came into force. Section 24 of the 2013 Act was therefore inapplicable to the transaction, and the exemption claim failed. For income-tax purposes, the relevant test was accrual under section 5 of the Income-tax Act, 1961, so taxability turned on when the compensation right arose rather than on the date of actual receipt. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405233