TMI Blog2019 (2) TMI 1727X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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. - ITA No.235/Coch/2017 And CO No.28/Coch/2017 : Asst.Year 2012-2013 - - - Dated:- 5-2-2019 - Shri Chandra Poojari, AM Shri George George K, JM Appellant by : Smt.A.S.Bindhu, Sr.DR Respondent by : Sri. T.M.Sreedharan ORDER George G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings, the assessee had stated that the land was compulsorily acquired and the same being an agricultural land, coming within the notified area, was entitled to the benefit 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 Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary 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 (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 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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