https://www.taxtmi.com/caselaws?id=456483 A notified industrial area under the Gujarat industrial development framework was treated as not constituting a municipality or deemed municipality merely because municipal provisions were applied for local administration, so the acquired land did not enter the capital asset net on that basis. On the facts accepted, the land was agricultural and compulsorily acquired, satisfying the conditions for exemption under section 10(37), and the compensation was exempt. The reassessment was supported by prima facie material at the reopening stage. Compensation referable to constructed property was adjusted only by estimated cost where no acquisition cost proof existed, and the agricultural income addition was deleted. en-us Mon, 25 Apr 2022 00:00:00 +0530 Mon, 29 Jul 2024 20:13:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456483 A notified industrial area under the Gujarat industrial development framework was treated as not constituting a municipality or deemed municipality merely because municipal provisions were applied for local administration, so the acquired land did not enter the capital asset net on that basis. On the facts accepted, the land was agricultural and compulsorily acquired, satisfying the conditions for exemption under section 10(37), and the compensation was exempt. The reassessment was supported by prima facie material at the reopening stage. Compensation referable to constructed property was adjusted only by estimated cost where no acquisition cost proof existed, and the agricultural income addition was deleted. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456483