It cannot be said that Land was not compulsorily acquired merely because Price was negotiated

ACIT Vs Smt. Jayasree Sreedharan  (ITAT Cochin)

In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the 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.

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