https://www.taxtmi.com/caselaws?id=411326 Exemption under section 10(37) applies only to compensation for acquired agricultural land that satisfies the statutory conditions, including continuous agricultural use for the two years immediately before transfer. The ITAT noted that the evidence established cultivation only for part of the acquired land, so exemption could not extend to the entire compensation. It confined relief proportionately to the cultivated portion and treated the balance as taxable capital gains, with recomputation directed on a pro rata basis. It also noted that section 54B relief did not survive on the residual taxable portion in the manner claimed. The decision restates that compensation referable to land not proved as qualifying agricultural land remains taxable. en-us Mon, 16 Aug 2021 00:00:00 +0530 Mon, 23 Aug 2021 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411326 Exemption under section 10(37) applies only to compensation for acquired agricultural land that satisfies the statutory conditions, including continuous agricultural use for the two years immediately before transfer. The ITAT noted that the evidence established cultivation only for part of the acquired land, so exemption could not extend to the entire compensation. It confined relief proportionately to the cultivated portion and treated the balance as taxable capital gains, with recomputation directed on a pro rata basis. It also noted that section 54B relief did not survive on the residual taxable portion in the manner claimed. The decision restates that compensation referable to land not proved as qualifying agricultural land remains taxable. Case-Laws Income Tax Mon, 16 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411326