ITAT Bangalore Restores Exemption Claim on Compulsory Land Acquisition

Mallikarjunaiah Adveeshaiah Hullukunte Vs ACIT (ITAT Bangalore) Compulsory Acquisition Compensation – CBDT Circular 36/2016 Ignored – ITAT Restores Exemption Claim on Land Acquisition Assessee had received ₹9.23 crore from Government of Karnataka towards acquisition of hotel land & building. He declared long-term capital gain of ₹1.65 crore after claiming deduction u/s 54D of ₹3.18 crore & further deduction of ₹1 crore towards construction of new property. AO disallowed the construction cost citing non-compliance with CGAS deposit requirement & non-completion of constru...