Tax exempt on Compensation for RCC structure forming part of Farm Land

A. Nagarajan Vs ITO (ITAT Chennai) Upon careful consideration of factual matrix, it emerges that the assessee’s land has been acquired by NHAI for which the assessee has been compensated at certain rates. On one of the parcels of land, a farm house is situated for which separate compensation has been paid. The primary argument of Ld. AR is that the farm house also partakes the character of agricultural land for the reason that agricultural income as defined in Sec.2(1A) of the Act would include any income derived from any building owned and occupied by the receiver of the rent or revenue of ...