https://www.taxtmi.com/caselaws?id=450985 Compensation for compulsory acquisition of agricultural land was treated as exempt because the land retained its agricultural character, was acquired compulsorily for rehabilitation purposes, and the statutory conditions for exemption were otherwise satisfied. Location within municipal limits did not by itself defeat relief, as the exemption depends on the land's use, the nature of transfer, and the timing of compensation. On that basis, the reliance on capital gains taxation under section 45(5) was rejected, and the compensation fell within section 10(37). en-us Wed, 28 Feb 2024 00:00:00 +0530 Sun, 17 Mar 2024 19:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450985 Compensation for compulsory acquisition of agricultural land was treated as exempt because the land retained its agricultural character, was acquired compulsorily for rehabilitation purposes, and the statutory conditions for exemption were otherwise satisfied. Location within municipal limits did not by itself defeat relief, as the exemption depends on the land's use, the nature of transfer, and the timing of compensation. On that basis, the reliance on capital gains taxation under section 45(5) was rejected, and the compensation fell within section 10(37). Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450985