Assessee’s land situated in village Jasola was acquired in year 1995-96 vide compulsory acquisition under provisions of Land Acquisition Act, 1894.\u00a0 Assessee claimed proceeds out of compulsory acquisition of land as exempt under section 10(37)-Assessing Officer held\u00a0 that since land was situated within jurisdiction of municipality, as per section 2(14)(iii)(a) exemption under section 10(37) is\u00a0 not applicable. CIT(A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that\u00a0\u00a0 since assessee’s land was situated within jurisdiction of municipality and population was more than 10,000, it was not an agricultural land referred to in section 10(37) read with section 2(14)(iii)(a).\u00a0 Assessee is\u00a0 not eligible for exemption under section 10(37) of the Act.\u00a0 (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Land situated within jurisdiction of municipality and population was more than 10,000-Not an agricultural land-Sale proceed out of compulsory acquisition of land was not exempt under section 10(37). [S. 2(14)(iii)(a), 10 (37), Land Acquisition Act, 1894 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43246","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bfw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43246"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43246\/revisions"}],"predecessor-version":[{"id":43247,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43246\/revisions\/43247"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}