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Compulsary acquition of urban agricultural land u/s10(37)

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(Querist)
19 July 2015 sir,
is compentation received aginst urban agricultural land acquired by NHAI is exempt U/s 10(37)?
because the ITO obejecting that in second condition U/s 10(37)stating that,( the consideration for transfer should be determined or approved by central govt or RBI).but in our case compentation received from joint account held by project director(NHAI) & RDO state govt).
please clarify me..

thanks in advance.








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GULRAJ AILANI

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GULRAJ AILANI (Expert)
19 July 2015 Rural Agriculture Land is tax free whther sold under compulsary acquistion or not?
under section 10(37) compulsary acquisition of land is exempt.
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