https://www.taxtmi.com/caselaws?id=422021 The tribunal ruled in favor of the assessee in a case involving denial of exemption under Section 10(37) of the Income Tax Act for compulsory acquisition of agricultural land. It held that the land was indeed agricultural, granting the assessee exemption under Section 10(37). Additionally, the tribunal overturned the classification of the acquired land as a 'Capital Asset' under Section 45(5), confirming its agricultural status. Furthermore, it determined that interest on enhanced compensation under Section 28 of the Land Acquisition Act is part of the compensation and not taxable, providing the assessee with further exemption. en-us Wed, 04 May 2022 00:00:00 +0530 Fri, 06 May 2022 08:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422021 The tribunal ruled in favor of the assessee in a case involving denial of exemption under Section 10(37) of the Income Tax Act for compulsory acquisition of agricultural land. It held that the land was indeed agricultural, granting the assessee exemption under Section 10(37). Additionally, the tribunal overturned the classification of the acquired land as a 'Capital Asset' under Section 45(5), confirming its agricultural status. Furthermore, it determined that interest on enhanced compensation under Section 28 of the Land Acquisition Act is part of the compensation and not taxable, providing the assessee with further exemption. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422021