Intended Industrial Use Irrelevant for Section 10(37) Exemption: ITAT Delhi

ITO Vs Dharam Singh (ITAT Delhi) Compensation on Compulsory Acquisition of Urban Agricultural Land Exempt u/s 10(37): Revenue’s Appeal Dismissed The Delhi Bench of the ITAT, in ITO v. Dharam Singh (AY 2014-15), upheld the order of the CIT(A) granting exemption under section 10(37) in respect of ₹5,00,16,500 received by the assessee on compulsory acquisition of urban agricultural land by the Haryana Government. The Tribunal noted that the original sale deed executed in 2006 in favour of a private company was cancelled by a civil court due to non-payment of consideration, and the legal title...