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of <h1>High Court Rules on Minimum Consideration for Land Acquisition under Income Tax Act</h1> <h3>Commissioner of Income Tax. Versus Shri Gulshan Kumar.</h3> The High Court dismissed appeals regarding land acquisition under Section 269H(6) of the Income Tax Act, ruling that acquisition power cannot be exercised ... Power of acquisition - The Tribunal held that apparent consideration being below Rs. 5 lacs, power of acquisition could not be exercised - the matter is covered against the revenue by judgment of the Hon’ble Supreme Court in Mathew M. Thomas & ors. v. CIT (1999 -TMI - 5717 - SUPREME Court), judgment of this Court in CIT v. Gursher Singh holding that under Chapter XXA, power of compulsory acquisition could be exercised only in respect of immovable property where apparent consideration was Rs. 5 lacs and above - Hence, appeals are dismissed. The High Court of Punjab and Haryana dismissed I.T.A. Nos.10 to 13 of 1987 regarding the acquisition of land under Section 269H(6) of the Income Tax Act, 1961. The Tribunal ruled that acquisition power could not be exercised if the consideration was below Rs. 5 lakhs. The appeals were dismissed based on previous judgments establishing the minimum consideration requirement for compulsory acquisition of immovable property under Chapter XXA.
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