JUDGMENT :

1. Petitioner, in the instant case, has assailed Exts.P7 and P8, assessment order and notice of demand issued by the Income Tax Department, respectively.

2. Succinctly, the facts which are necessary for adjudication of the controversy involved are that the petitioner is the absolute owner, title holder of a land to the extent of 7.33 cents with three shop rooms and a residential building in Sy. No.170/2 and 170/4 in Elamkulam Village, Kanayannoor Taluk, Ernakulam District, which is situated on the southern side of the Thammanam Pullepady Road. The market value of the land on announcement of Smart City Project, Metro Rail Project and Mono Rail Project, increased many fold. Out of the aforementioned land, about 1.32 Ares (3.26 cents) of land with a building of 1500 Sq. Ft. had been taken for expansion of Thammanam Pullepady Road. The Land Acquisition Officer fixed the value as Rs.10,48,269/-and the improvements at Rs.3,864/-. The notification under the Old Land Acquisition Act was published on 24.04.2013. Thereafter, declaration under Sections 6(1) and 17(1) of the erstwhile Land Acquisition Act, 1894, showing the emergency provisions which tantamount to compulsory acquisiti