Earlier reports said that Babu (22) was killed in the attack, however, SSP Pradeep Yadav said he was seriously injured and was being treated in a hospital.
The clash erupted after a farmer, who had entered into an argument with some policemen, was allegedly pulled down by them from the tractor he was driving, sources said.
In the melee, Jitu (18) allegedly fell and later died of injuries.
Infuriated over the death of Jitu, villagers attacked the Shergarh police station, sources said.
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"In spite of firing from the public, police maintained utmost restrain and there was no firing from the police. The situation is well within control," said Yadav, who was the first to reach the spot.
The mob also set three police motorcycles on fire.
Later, seven police personnel, including the SHO, were placed under suspension for their alleged failure to handle the situation.
"Station in-charge of Shergarh, Sanjeev Kumar Chauhan, SI SP Singh and five constables are suspended while strict orders are issued to identify those demanding money from the farmers and arrest them as it is a matter of corruption," a senior police officer said.
A case of murder and attempt to murder was also registered against four policemen and five villagers, he said.
The UP government announced a financial assistance of Rs five lakh to the family members of the person killed and Rs 50,000 to seriously injured, an official spokesman said here.
He said that a magisterial probe has been ordered into the incident, besides directives have been issued to take stern action against the guilty policemen.