https://www.taxtmi.com/caselaws?id=459717 Compensation for compulsorily acquired agricultural land qualifies for exemption where the statutory conditions of section 10(37) are satisfied, and the land's location within municipal limits does not by itself defeat relief. The acquisition remained compulsory and for rehabilitation purposes, so the later award and payment of compensation did not change the character of the transaction into a voluntary sale or make the receipt taxable as capital gains. The exemption claim was upheld and the Revenue's attempt to tax the compensation failed. en-us Tue, 28 Feb 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459717 Compensation for compulsorily acquired agricultural land qualifies for exemption where the statutory conditions of section 10(37) are satisfied, and the land's location within municipal limits does not by itself defeat relief. The acquisition remained compulsory and for rehabilitation purposes, so the later award and payment of compensation did not change the character of the transaction into a voluntary sale or make the receipt taxable as capital gains. The exemption claim was upheld and the Revenue's attempt to tax the compensation failed. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459717