Compulsory Acquisition of Urban Land by Sale Deed eligible for Tax Benefit U/s. 10(37) : ITAT
Issue Properties were notified by the Government of Kerala for acquisition under the Land Acquisition Act, 1894. After discussion and negotiations with the Government, a sale deed was executed, whereby the properties were sold to Vizhinjam International Seaport Limited for a total consideration of Rs.4,69,13,272. Assessing Officer rejected relief of Section 10(37) of Income Tax Act… Read More »