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TMI Blog2019 (2) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... to benefit of section 10(37) of the I. T. Act in respect of the land which was acquired? 3. Brief facts of the case are as follows:- The assessee was in possession of two pieces of land, i. e. 65. 08 Ares (160. 748 cents) and 2. 4 Ares (5. 928 cents) in Vizhinjam village. The said properties were notified by the Government of Kerala for acquisition under the Land Acquisition Act, 1894. Subsequently, after discussion and negotiations with the Government, a sale deed was executed, whereby the properties were sold to Vizhinjam International Seaport Limited for a total consideration of Rs. 4,69,13,272. For the assessment year 2012-2013, the return of income was filed on 01. 02. 2014 declaring total income of Rs. 2,61,530, which was subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned Departmental Representative strongly relied on the assessment order. The learned AR, on the other hand, submitted that land which was acquired by the Vizhinjam International Seaport Limited, was admittedly agricultural land and the assessee carried out coconut plantation and certain other crops. The solitary reason for denying the benefit of section 10(37) of the I. T. Act was that the impugned land was not compulsorily acquired, but by executing a sale deed in favour of Vizhinjam International Seaport Limited. In this context, the learned AR submitted that the issue is squarely covered in favour of the assessee by the judgment of the Hon'ble Apex Court in the case of Balakrishnan v. Union of India (supra) and Union of India v. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not have agreed to divest the land belonging to him to Techno Park. He was compelled to do so because of the compulsory acquisition and to avoid litigation entered into negotiations and settled the final compensation. Merely because the compensation amount is agreed upon would not change the character of acquisition from that of compulsory acquisition to the voluntary sale. It may be mentioned that this is now the procedure which is laid down even under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 as per which the Collector can pass rehabilitation and resettlement award with the consent of the parties / landowners. Nonetheless, the character of acquisition remains compulsory. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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