Compensation income of land acquisition u/s 96 of Land Acquisition Act is not taxable under income tax

DCIT Vs Ganga Developers (ITAT Mumbai) ITAT Mumbai held that compensation received in respect of award/ agreement under Section 96 of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not taxable under Income Tax Act, 1961. Facts- During assessment proceedings, it was found that assessee has claimed exemption under Section 10(37) of the Income Tax Act of Rs. 69,92,42,974/-. On questioning to the same, assessee submitted copy of Awarded under Section 11 of the Land Acquisition Act, 1984. Assessee relied on Section 96 of Right to Fair C...