TMI Blog2018 (10) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Decided in favour of assessee. - ITA No.96/Coch/2018 - - - Dated:- 24-10-2018 - Shri Chandra Poojari, AM And Shri George George K, JM For the Appellant : Smt.A.S.Bindhu, Sr.DR For the Respondent : Sri. T.M.Sreedharan ORDER PER GEORGE GEORGE K., JM This appeal at the instance of the Revenue is directed against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efit u/s 10(37) of the I.T.Act. The contention of the assessee was rejected by the Assessing Officer, solely for the reason that the land in question was not compulsorily acquired but was transferred by executing a sale deed. Therefore, it was concluded by the Assessing Officer that the assessee was not entitled to the benefit of section 10(37) of the I.T.Act. 4. Aggrieved by the reassessment order, the assessee filed an appeal to the first appellate authority. The CIT(A), by following the judgment of the Hon ble Apex Court in the case of Balakrishnan v. Union of India [(2017) 391 ITR 178 (SC)], held that the assessee was entitled to the benefit of section 10(37) of the I.T.Act, and hence, would not be liable for long term capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecuted through a negotiated sale deed. The Hon ble Apex Court in the case of Balakrishnan v. Union of India Others (supra) 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. The relevant finding of the Hon ble Apex Court reads as follows:- 8. In our view, insofar as acquisition of the land is concerned, the same was compulsorily acquired as the entire procedure prescribed under the LA Act was followed. The settlement took place only qua the amount of the compensation which was to be received by the appellant for the land which had been acquired. It goes without saying tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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