https://www.taxtmi.com/caselaws?id=430997 The ITAT Pune allowed the appeal, ruling in favor of the assessee. The denial of exemption under section 54B was deemed unjustified as the land qualified for exemption under section 10(37) as agricultural land within specified urban limits. The ITAT emphasized assisting taxpayers in assessment proceedings and overturned the CIT(A)'s decision. The compensation derived from the compulsory acquisition of the land was held to be exempt under section 10(37), leading to a favorable outcome for the assessee. en-us Thu, 01 Dec 2022 00:00:00 +0530 Sat, 03 Dec 2022 07:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430997 The ITAT Pune allowed the appeal, ruling in favor of the assessee. The denial of exemption under section 54B was deemed unjustified as the land qualified for exemption under section 10(37) as agricultural land within specified urban limits. The ITAT emphasized assisting taxpayers in assessment proceedings and overturned the CIT(A)'s decision. The compensation derived from the compulsory acquisition of the land was held to be exempt under section 10(37), leading to a favorable outcome for the assessee. Case-Laws Income Tax Thu, 01 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430997