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2019 (6) TMI 986 - AT - Income TaxEntitlement to the benefit of section 10(37) - proof of compulsory acquisition - as submitted by assessee property as taken over by Vizhinjam International Seaport, was an agricultural land and was compulsorily acquired by the Government of Kerala - only reason for the A.O. to deny the benefit of section 10(37) was that the impugned land was acquired by executing a sale deed in favour of Vizhinjam International Seaport and it was not a case of compulsory acquisition - HELD THAT:- As in the case of Balakrishnan v. Union of India & Others [2017 (3) TMI 745 - SUPREME COURT] had categorically held merely because the sale price was fixed through a negotiated settlement, the character of acquisition would still remain compulsory. In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, only price was fixed upon a negotiated settlement. The A.O. did not have case that the impugned land is not an agricultural land. 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. - Decided in favour of assessee.
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