https://www.taxtmi.com/caselaws?id=62782 Under the Land Acquisition Act, preliminary notifications and declarations do not by themselves divest the owner of agricultural land or create an accrued right to compensation. Vesting occurs only when possession is taken after award proceedings, with absolute vesting under section 16. Because the award and tender of compensation were made after the valuation date, the assessee continued to own exempt agricultural land on that date and had not yet acquired a taxable right to compensation. The claimed compensation was therefore not includible in net wealth as at 31-3-1968. en-us Thu, 29 Apr 1982 00:00:00 +0530 Fri, 21 Jan 2011 17:11:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62782 Under the Land Acquisition Act, preliminary notifications and declarations do not by themselves divest the owner of agricultural land or create an accrued right to compensation. Vesting occurs only when possession is taken after award proceedings, with absolute vesting under section 16. Because the award and tender of compensation were made after the valuation date, the assessee continued to own exempt agricultural land on that date and had not yet acquired a taxable right to compensation. The claimed compensation was therefore not includible in net wealth as at 31-3-1968. Case-Laws Income Tax Thu, 29 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62782