SHAJI KURIAKOSE vs INDIAN OIL CORPN. LTD. .

The Supreme Court addressed the valuation of land acquired under the Land Acquisition Act, specifically under Section 4 and Section 6. The Court emphasized that the Comparable Sales Method is preferred for determining market value, but it is not conclusive and must meet certain criteria, including the genuineness of the transaction and proximity in time to the notification date. The Court upheld the High Court's decision to reduce compensation, finding it justified based on relevant considerations, thus dismissing the appeals of the claimants.