https://www.taxtmi.com/caselaws?id=751928 The ITAT Chennai ruled on taxation of gains from compulsory land acquisition. The assessee claimed exemption under RFCTLARR Act, 2013 for compensation received under Tamil Nadu Highways Act, 2001. The tribunal held that since the award was made on 27.11.2013 and received on 02.12.2013, before RFCTLARR Act's effective date of 01.01.2014, no exemption was available. The tribunal dismissed additional grounds claiming exemption and disallowed excess indexed cost of acquisition claims. However, the matter of cost of improvement was remanded to the AO for proper substantiation by the assessee. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751928 The ITAT Chennai ruled on taxation of gains from compulsory land acquisition. The assessee claimed exemption under RFCTLARR Act, 2013 for compensation received under Tamil Nadu Highways Act, 2001. The tribunal held that since the award was made on 27.11.2013 and received on 02.12.2013, before RFCTLARR Act's effective date of 01.01.2014, no exemption was available. The tribunal dismissed additional grounds claiming exemption and disallowed excess indexed cost of acquisition claims. However, the matter of cost of improvement was remanded to the AO for proper substantiation by the assessee. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751928