https://www.taxtmi.com/caselaws?id=66493 Under the Land Acquisition Act, title does not pass to the Government merely because possession is surrendered by consent; vesting occurs only when possession is taken in accordance with the statutory procedure. On that basis, the land continued to belong to the assessee on the relevant valuation dates. For wealth-tax purposes, the land was includible in net wealth for assessment year 1980-81, and its value could be estimated by reference to the eventual acquisition compensation with a reasonable discount for uncertainty and time lag. For assessment year 1981-82, no value was includible because agricultural land was no longer chargeable. The plantation exemption under section 5(1)(iva) was unavailable because the land was not tea, coffee, rubber or cardamom plantation land. en-us Fri, 27 Feb 1987 00:00:00 +0530 Sat, 26 Feb 2011 11:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66493 Under the Land Acquisition Act, title does not pass to the Government merely because possession is surrendered by consent; vesting occurs only when possession is taken in accordance with the statutory procedure. On that basis, the land continued to belong to the assessee on the relevant valuation dates. For wealth-tax purposes, the land was includible in net wealth for assessment year 1980-81, and its value could be estimated by reference to the eventual acquisition compensation with a reasonable discount for uncertainty and time lag. For assessment year 1981-82, no value was includible because agricultural land was no longer chargeable. The plantation exemption under section 5(1)(iva) was unavailable because the land was not tea, coffee, rubber or cardamom plantation land. Case-Laws Wealth-tax Fri, 27 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66493