Section 269K of Income Tax Act "Payment or deposit of compensation"
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 instalments on different dates, then in
such instalments 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.
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).