Land Acquisition Compensation Taxed as Capital Gain; No Exemption u/s 10(37) Due to Lack of Agricultural Use Evidence.

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....Capital Gain on the acquisition of Land - Claim of exemption u/s 10(37) - The SDM report categorically mentioned that no compensation for standing crops was given to the assessee. No evidence was found that the Land was used for agricultural purposes for two years prior to its acquisition. - Capital gain tax would be leviable on the said compensation received as the land would continue to be the capital asset within the meaning of section 45 of the Income Tax Act. - AT....