Nature of land - capital gain on sale of land - exemption u/s ...

Case Laws Income Tax

March 18, 2024

Nature of land - capital gain on sale of land - exemption u/s 10(37) - assessee's agricultural land was compulsorily acquired by following entire procedure prescribed under Land Acquisition Act - character of acquisition - Revenue contested the CIT(A)'s acceptance of 1947 as the year of transfer instead of 19.05.2014 (date of final award). - The Tribunal held that the peculiar circumstances warranted consideration of the land's acquisition date as 1947 for the purpose of exemption under Section 10(37), emphasizing the continuous possession by the state and non-alteration in land's status due to delayed compensation. - The ITAT observed that the land's character and use as agricultural at the time of its original acquisition in 1947 were crucial, dismissing the relevance of its status immediately before the compensation award in 2014 for the purposes of Section 10(37).

View Source

← Previous Next →

Nature of land - capital gain on sale of land - exemption u/s ...

Case Laws Income Tax

March 18, 2024

You may also like:

Nature of land sold - Gain earned on sale of land/acquisition - the Tribunal held that since the land was rural agricultural land compulsorily acquired by the...

Long term capital gain (LTCG) - compulsory acquisition of land - the said land owned by the assessee is an agricultural land and was used for the purpose of agriculture...

Deduction u/s 10(37) - sale of agricultural land - the land was agricultural land and was being used for agricultural operations prior to the date of acquisition during...

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...

Exemption u/s 10(37) - Assessee has received compensation on compulsory acquisition of urban agricultural land - Once sufficient material is placed that land was...

Benefit of exemption claimed u/s 10(37) - compulsory acquisition of agricultural land - Since the land of the assessee is situated in the municipality as per the...

LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

Exemption u/s 10(37) - impugned land was acquired by executing a sale deed in favour of Vizhinjam International Seaport - the entire procedure prescribed under the Land...

The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

Gain on sale of land - Short Term Capital Gain OR business income - the assessee converted the agricultural land into non-agricultural purpose - The above transaction is...

Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

Capital gain on sale of land - Nature of land sold - agricultural land - calculation of shortest route - , although there is no doubt that conflicting reports were...

Quick Updates: