BALAKRISHNAN vs UNION OF INDIA

The Supreme Court addressed the denial of exemption under Section 10(37) of the Income Tax Act, 1961, concerning the appellant's agricultural land acquired for public purpose. The Court held that the appellant was entitled to the exemption as the land was used for agricultural purposes and the transfer was through compulsory acquisition, fulfilling the conditions laid out in Section 10(37). The Court reversed the High Court's decision, thereby granting the exemption and ruling in favor of the appellant.