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2019 (2) TMI 1727 - AT - Income TaxEntitled to benefit of section 10(37) in respect of the land which was acquired - HELD THAT:- The solitary reason for not granting of benefit of section 10(37) of the I.T.Act in respect of acquisition of urban agricultural land was that it was not a compulsory acquisition, but only executed through a negotiated sale deed. The Hon’ble Apex Court in the case of Balakrishnan v. Union of India & Others [2017 (3) TMI 745 - SUPREME COURT] had categorically held merely because the sale price is fixed through a negotiated settlement will not take away the proceedings from the Land Acquisition Act when the relevant provision of the Act are invoked. In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was a compulsory acquisition and the same would be entitled to the benefit enumerated in section 10(37) of the I.T.Act. It is ordered accordingly.
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