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49. Further, the compensation granted separately for the wells and the land cannot, by itself, be a ground to interfere with the well- reasoned order of the Reference Court. The Reference Court has rightly recognized that the wells directly contribute to the productivity of the acquired lands, and that the separate valuation merely reflects a fair computation of total compensation rather than duplication of benefits.

50. Though it is settled law that the value of the well should ideally be an integrated component of the overall land valuation, a procedural separation in the award does not, in itself, vitiate the entire decision, provided that the total compensation determined is fair, reasonable and KL,J & VRKR, J AS_3841_2011 based on evidence. It is to be seen that only when the income capitalization method is adopted for while assessing market value of acquired lands, no separate compensation for wells can be granted, since that method computes a composite value of the income generating asset as a whole, is possible. However, where the valuation is not strictly based on income capitalization, for wells may be permissible, particularly when the wells constitute distinct and valuable improvements that directly contribute to the productivity of the land. Moreover, the intent of not awarding compensation separately for the wells and the land is only to avoid double valuation. The rationale is that the income capitalization method determines a composite market value of the entire income-generating asset based on its potential returns. Awarding separate compensation for individual items that contribute to that income stream would amount to double valuation, which is impermissible. In the instant case, since the market value of the acquired lands was fixed based on the comparable sale exemplars under Exs.A-3 and A-4, there is no instance of following capitalization method. Thus, the approach of the Land Acquisition Officer and the Reference Court in assessing the market value of the acquired land and KL,J & VRKR, J AS_3841_2011 the wells in the said acquired land separately cannot be termed as erroneous or contrary to law so as to set aside the entire Award.