https://www.taxtmi.com/caselaws?id=309330 Compensation received under an award under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is exempt from income tax under Section 96, except for the limited exception in Section 46. The Kerala HC treated the wording of Section 96 as clear and unambiguous and held that the character of the acquired asset, including whether it was depreciable, does not affect the exemption. The court also relied on the CBDT circular and the proviso to Section 194LA of the Income-tax Act, 1961 as consistent support for this interpretation. The compensation was therefore not taxable, and the assessment based on taxability could not stand. en-us Mon, 11 Nov 2019 00:00:00 +0530 Thu, 24 Aug 2023 22:23:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309330 Compensation received under an award under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is exempt from income tax under Section 96, except for the limited exception in Section 46. The Kerala HC treated the wording of Section 96 as clear and unambiguous and held that the character of the acquired asset, including whether it was depreciable, does not affect the exemption. The court also relied on the CBDT circular and the proviso to Section 194LA of the Income-tax Act, 1961 as consistent support for this interpretation. The compensation was therefore not taxable, and the assessment based on taxability could not stand. Case-Laws Income Tax Mon, 11 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309330