https://www.taxtmi.com/caselaws?id=62426 Interest awarded on enhanced compensation for acquired land was held not taxable in the year under consideration because the underlying award was still under challenge and the amount had not finally accrued. The appellate valuation of land as on 1 January 1954 for capital gains was upheld, as it was based on comparable instances, location, and a factual estimate found to be reasonable. Each part-owner was also held entitled to the basic exemption of Rs. 5,000 in computing capital gains in his or her own hands, since the exemption applied separately to each assessee. en-us Mon, 10 Oct 1977 00:00:00 +0530 Wed, 19 Jan 2011 17:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62426 Interest awarded on enhanced compensation for acquired land was held not taxable in the year under consideration because the underlying award was still under challenge and the amount had not finally accrued. The appellate valuation of land as on 1 January 1954 for capital gains was upheld, as it was based on comparable instances, location, and a factual estimate found to be reasonable. Each part-owner was also held entitled to the basic exemption of Rs. 5,000 in computing capital gains in his or her own hands, since the exemption applied separately to each assessee. Case-Laws Income Tax Mon, 10 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62426