https://www.taxtmi.com/caselaws?id=406867 Transfer of agricultural land at village Dindoli to a municipal corporation for a sewage treatment plant was treated as compulsory acquisition rather than a voluntary sale, because earlier Tribunal and jurisdictional High Court rulings on the same village lands had already held the acquisition under the town planning and municipal law framework to be compulsory in character. A negotiated settlement on the amount of compensation did not change the nature of the acquisition, as it affected only compensation and not the character of the transfer. On that basis, the consideration was held eligible for exemption under section 10(37) of the Income-tax Act, 1961, and the revenue's objection failed. en-us Fri, 09 Oct 2020 00:00:00 +0530 Mon, 26 Apr 2021 10:19:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406867 Transfer of agricultural land at village Dindoli to a municipal corporation for a sewage treatment plant was treated as compulsory acquisition rather than a voluntary sale, because earlier Tribunal and jurisdictional High Court rulings on the same village lands had already held the acquisition under the town planning and municipal law framework to be compulsory in character. A negotiated settlement on the amount of compensation did not change the nature of the acquisition, as it affected only compensation and not the character of the transfer. On that basis, the consideration was held eligible for exemption under section 10(37) of the Income-tax Act, 1961, and the revenue's objection failed. Case-Laws Income Tax Fri, 09 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406867