https://www.taxtmi.com/caselaws?id=779610 ITAT, Cochin (AT) allowed the assessee's appeal, holding that compensation for compulsory acquisition of 29.95 acres was exempt as proceeds of agricultural land because the land's character at acquisition remained agricultural; mere long-term non-cultivation did not nullify the Agriculture Officer's certificate. The Tribunal found the AO and lower authorities erred in treating the receipt as taxable capital gain and directed that the exemption be recognized. en-us Wed, 22 Jan 2025 00:00:00 +0530 Thu, 09 Oct 2025 08:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779610 ITAT, Cochin (AT) allowed the assessee's appeal, holding that compensation for compulsory acquisition of 29.95 acres was exempt as proceeds of agricultural land because the land's character at acquisition remained agricultural; mere long-term non-cultivation did not nullify the Agriculture Officer's certificate. The Tribunal found the AO and lower authorities erred in treating the receipt as taxable capital gain and directed that the exemption be recognized. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779610