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What is Payment or deposit of compensation? What is Assistance by Valuation Officers? Section 269K and 269L of Income Tax Act 1961

Payment or deposit of compensation and Assistance by Valuation Officers are defined under section 269K and 269L of Income Tax Act 1961. Provisions under these Sections are:

Section 269K of Income Tax Act "Payment or deposit of compensation"

Section 269K. (1) The amount of compensation payable in accordance with the provisions of section 269J for the acquisition of any immovable property shall be tendered to the person or persons entitled thereto, as soon as may be, after the property becomes vested in the Central Government under sub-section (4) of section 269-I :

Provided that in a case falling under the proviso to sub-section (1) of section 269J, the amounts referred to in clause (i) and clause (ii) of that proviso shall be tendered to the person or persons entitled thereto, as soon as may be, after the property becomes vested in the Central Government under section 269-I, and the amount referred to in clause (iii) of the said proviso shall be tendered on the date on which it would be payable in accordance with the agreement between the parties concerned, and where such amount is payable in Installments on different dates, then in such Installments on those dates :

Provided further that in any case where a reference is or has to be made under sub-section (2) of section 269J to the court for the determination of the amount by which the compensation payable under sub-section (1) of that section shall be reduced or increased, the amount of such compensation as reduced or increased by the amount estimated in that behalf by the competent authority for the purposes of such reference shall be tendered as aforesaid.

(2) Notwithstanding anything contained in sub-section (1), if any dispute arises as to the apportionment of the compensation amongst persons claiming to be entitled thereto, the Central Government shall deposit in the court the compensation required to be tendered under sub-section (1) and refer such dispute for the decision of the court and the decision of the court thereon shall be final.

 

(3) Notwithstanding anything contained in sub-section (1), if the persons entitled to compensation do not consent to receive it, or if there is no person competent to alienate the immovable property, or if there is any dispute as to the title to receive the compensation, the Central Government shall deposit in the court the compensation required to be tendered under sub-section (1) and refer the matter for the decision of the court :

Provided that nothing herein contained shall affect the liability of any person who may receive the whole or any part of the compensation for any immovable property acquired under this Chapter to pay the same to the person lawfully entitled thereto.

(4) If the Central Government fails to tender under sub-section (1) or deposit under sub-section (2) or sub-section (3) the whole or any part of the compensation required to be tendered or deposited thereunder within thirty days of the date on which the immovable property to which the compensation relates becomes vested in the Central Government under sub-section (4) of section 269-I, the Central Government shall be liable to pay simple interest at the rate of fifteen per cent per annum reckoned from the day immediately following the date of expiry of the said period up to the date on which it so tenders or deposits such compensation or, as the case may be, such part of the compensation.

(5) Where any amount of compensation (including interest, if any, thereon) has been deposited in the court under this section, the court may, either of its own motion or on an application made by or on behalf of any party interested or claiming to be interested in such amount, order the same to be invested in such Government or other securities as it may think proper, and may direct the interest or other proceeds of any such investment to be accumulated and paid in such manner as will, in its opinion, give the parties interested therein the same benefit therefrom as they might have had from the immovable property in respect whereof such amount has been deposited or as near thereto as may be.

Section 269L of Income Tax Act "Assistance by Valuation Officers"

Section 269L. (1) The competent authority may,-

(a) for the purpose of initiating proceedings for the acquisition of any immovable property under section 269C or for the purpose of making an order under section 269F in respect of any immovable property, require a Valuation Officer to determine the fair market value of such property and report the same to him ;

(b) for the purpose of estimating the amount by which the compensation payable under sub-section (1) of section 269J in respect of any immovable property may be reduced or, as the case may be, increased under clause (a) or clause (b) of sub-section (2) of that section, require the Valuation Officer to make such estimate and report the same to him.

(2) The Valuation Officer to whom a reference is made under clause (a) or clause (b) of sub-section (1) shall, for the purpose of dealing with such reference, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957).

(3) If in an appeal under section 269G against the order for acquisition of any immovable property, the fair market value of such property is in dispute, the Appellate Tribunal shall, on a request being made in this behalf by the competent authority, give an opportunity of being heard to any Valuation Officer nominated for the purpose by the competent authority.
Explanation.-In this section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).

   
 

Income Tax Act 1961

What is Registration of certain transactions? What is Competent authority? Section 269AB and 269B of Income Tax Act 1961

What is Immovable property in respect of which proceedings for acquisition may be taken? What is Preliminary notice? Section 269C and 269D of Income Tax Act 1961

What are Objections? What is Hearing of objections? Section 269E and 269F of Income Tax Act 1961

What is Appeal against order for acquisition? What is Appeal to High Court? Section 269G and 269H of Income Tax Act 1961

What is Vesting of property in Central Government? What is Compensation? Section 269I and 269J of Income Tax Act 1961

What is Payment or deposit of compensation? What is Assistance by Valuation Officers? Section 269K and 269L of Income Tax Act 1961

What is Powers of competent authority? What is Rectification of mistakes? What is Appearance by authorised representative or registered valuer? Section 269M, 269N and 269O of Income Tax Act 1961

What is Statement to be furnished in respect of transfers of immovable property? What is the meaning of Chapter not to apply to transfers to relatives? Section 269P and 269Q of Income Tax Act 1961

What is the meaning Properties liable for acquisition under this Chapter not to be acquired under other laws? What is Chapter not to apply where transfer of immovable property made after a certain date? What is Chapter not to extend to State of Jammu and Kashmir? Section 269R, 269RR and 269S of Income Tax Act 1961

What is the Mode of taking or accepting certain loans, deposits and specified sum? What is Mode of repayment of certain loans or deposits? Section 269SS and 269T of Income Tax Act 1961

 

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