https://www.taxtmi.com/caselaws?id=62033 Compulsory acquisition under the urgency provisions of the Land Acquisition Act was treated as giving rise to capital gains when possession was taken and the land vested absolutely in the Government, not when the award was later made; on that basis, the gain was assessable in assessment year 1986-87. The later 1994 notification superseding the earlier inclusion of Thrikkakara Panchayat did not retrospectively alter the land's status as a capital asset or nullify pending assessment, because it operated prospectively and contained no express retrospective effect. The operative tax position was therefore determined by the notification and acquisition status prevailing when the transfer occurred. en-us Wed, 10 Dec 1997 00:00:00 +0530 Mon, 17 Jan 2011 17:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62033 Compulsory acquisition under the urgency provisions of the Land Acquisition Act was treated as giving rise to capital gains when possession was taken and the land vested absolutely in the Government, not when the award was later made; on that basis, the gain was assessable in assessment year 1986-87. The later 1994 notification superseding the earlier inclusion of Thrikkakara Panchayat did not retrospectively alter the land's status as a capital asset or nullify pending assessment, because it operated prospectively and contained no express retrospective effect. The operative tax position was therefore determined by the notification and acquisition status prevailing when the transfer occurred. Case-Laws Income Tax Wed, 10 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62033