TaxTMI 
TaxTMI 
2019 (6) TMI 986
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....he Income-tax Act? 3. Brief facts of the case are as follows:- The assessee along with her husband, was in possession of 47.54 Ares of land at Survey No.606/4 in Vizhinjam village. The same was sold by executing a sale deed in favour of Vizhinjam International Seaport for a total consideration of Rs. 3,22,99,490, out of this the share of the assessee is Rs. 1,61,49,745. For the assessment year 2013-2014, the assessee filed return of income claiming the entire sale consideration received as exempt from tax. It was claimed that the said property, which was taken over by Vizhinjam International Seaport, was an agricultural land and was compulsorily acquired by the Government of Kerala. Therefore, it was submitted that the assessee was en....
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....ily acquired, but by executing a sale deed in favour of Vizhinjam International Seaport. In this context, the learned AR submitted that the issue was squarely covered in favour of the assessee by the judgments of the Hon'ble Apex Court in the case of Balakrishnan v. Union of India [(2017) 391 ITR 178 (SC)] and Union of India v. Infopark Kerala [81 Taxmann.com 51 (SC)]. It was contended that the Hon'ble Apex Court in above cases had clearly held that since the entire procedure fixed under Land Acquisition Act was followed, the character of acquisition from that of compulsory acquisition to voluntary sale would not change though the price was fixed on negotiated settlement. 6. We have heard the rival submissions and perused the material on ....