https://www.taxtmi.com/caselaws?id=427392 Compensation received on compulsory acquisition of land was held not taxable as long-term capital gain where the award fell within section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The Tribunal applied the CBDT circular stating that compensation exempt from income-tax under that provision is not taxable under the Income-tax Act, 1961, even if the land is non-agricultural and no separate exemption is claimed under the Income-tax Act. The Revenue's challenge to the exemption was rejected, and the addition towards long-term capital gain was not sustained. en-us Thu, 04 Aug 2022 00:00:00 +0530 Thu, 08 Sep 2022 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427392 Compensation received on compulsory acquisition of land was held not taxable as long-term capital gain where the award fell within section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The Tribunal applied the CBDT circular stating that compensation exempt from income-tax under that provision is not taxable under the Income-tax Act, 1961, even if the land is non-agricultural and no separate exemption is claimed under the Income-tax Act. The Revenue's challenge to the exemption was rejected, and the addition towards long-term capital gain was not sustained. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427392