( A ) Land Acquisition Act (1 of 1894) S. 48 — Maharashtra Regional and Town Planning Act (37 of 1966), Ss. 49, 126 — Reservation of land — For Secondary School — Withdrawal from acquisition — Municipal Corporation applying for acquisition of land within period provided in S. 49 (7) — Municipal Corporation is the “Planning Authority” within meaning of Act (1966) — Government pleading withdrawal from acquisition after land was purchased by developer from original owner — There was vesting of land after application for acquisition of land was made by Municipal Corporation — Original owner was divested of his rights of ownership on such vesting — Hence subsequent purchaser did not acquire any rights on basis of purchase of land — State had no power to withdraw from acquisition in purported exercise of powers under S. 48 of the Land Acquisition Act — Action of withdrawing from acquisition would be completely illegal. (Paras3940414849)