Benefit of section 10(37) cannot be denied for acquisition through negotiated sale deed

ITO Vs Sri. Harimurali Sreedhara Panicka (ITAT Cochin) 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 (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. In the insta...