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Bombay High Court clarifies that interest under Section 34 of the Land Acquisition Act must be calculated from the date of the award, not possession, while upholding Rs. 4,00,000 per acre compensation for dry land. The ruling disallows rental compensation and sets a precedent for future land acquisition disputes involving delayed payments.
The ITAT Mumbai has ruled that land classified as agricultural in revenue records and located beyond municipal limits qualifies for capital gains tax exemption under Section 2(14)(iii), regardless of whether the owner reports agricultural income or actively cultivates the land. This affirms that statutory classification, not economic use, governs the exemption - a vital precedent for landowners in peri-urban areas facing development pressure.
The ITAT Ahmedabad has ruled that agricultural land situated beyond municipal limits cannot be treated as a capital asset under Section 2(14) of the Income-tax Act, rendering capital gains tax, Section 50C adjustments, and Section 69A cash addition inapplicable. This clarifies a critical exemption for rural landowners and invalidates revenue department tactics that misapply urban property valuation norms to agricultural sales.
The Bombay High Court ruled that once land is declared agricultural under final orders of the Maharashtra Private Forest Act, 1975, state authorities cannot invoke the Forest Conservation Act, 1980 to block revenue record mutation. The judgment reinforces the binding nature of concurrent orders under the MPF Act, ensuring landowners' rights to updated revenue records are protected against conflicting forest laws.
High Court of Telangana issues interim direction prohibiting unauthorized dispossession of agricultural land without due process, reinforcing natural justice under Article 226.