Vizhinjam Seaport Land Acquisition: Compulsory Purchase Entitles Parties to Tax Exemption u/s 10(37) of Income Tax Act.

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....Exemption u/s 10(37) - impugned land was acquired by executing a sale deed in favour of Vizhinjam International Seaport - the entire procedure prescribed under the Land Acquisition Act was followed, only price was fixed upon a negotiated settlement - it is not disputed that impugned land is not an agricultural land - acquisition of the urban agricultural land was a compulsory acquisition - entitled to Exemption....