Dismissing the appeal of the revenue the Tribunal held that, entire procedure prescribed under land Acquisition Act followed, however sale price was fixed through a negotiation settlement hence the character of acquisition would still remain compulsory acquisition, accordingly the compensation is entitle to exemption.(AY. 2013-14)
ITO v. Asha Vimla (Smt.) (2019) 74 ITR 1 (Cochin) (Trib.)
S. 10(37) : Capital gains-Agricultural land–Compensation received on compulsory acquisition – Price fixed upon negotiation–Entitle to exemption. [S. 45, Land Acquisition Act, S. 4, 6, 9]