Held that compensation received for acquisition of agricultural land in Hazira Land Acquisition is held to be not taxable. Hajira Notified area is not Municipality. Agricultural income cannot be assessed as cash credits. (AY. 2007-08)
Ambaben Jamubhai Patel v. ITO (2022) 219 TTJ 674 / 218 DTR 41 (Surat) (Trib.)
S. 10(37) : Capital gains-Agricultural land-Compensation for acquisition of agricultural land is held to be not liable to tax-Agricultural income cannot be assessed as cash credits [S. 2(14)(iii), 10(37)(ii), 45, 68, Gujarat Industrial Development Act, 1962, S. 16, Gujarat Municipality Act, 1963, S. 264A, Constitution of India, Art. 243P(e), 243Q]