https://www.taxtmi.com/caselaws?id=71701 Inherited Inam lands acquired under the statutory scheme were treated as having no ascertainable cost of acquisition, so compensation on acquisition was not chargeable to capital gains tax. Interest on enhanced compensation accrued year by year, and only the amount relatable to the year under appeal was taxable in that year. The annual letting value of the self-occupied property was held to require a lower reasonable estimate on the facts. Deduction under section 54E was unavailable because the transfer predated the provision's insertion. Disallowance of agricultural loss was sustained because agricultural income is exempt and such loss is not available for set-off against taxable income. en-us Fri, 24 Dec 1999 00:00:00 +0530 Tue, 26 Apr 2011 16:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71701 Inherited Inam lands acquired under the statutory scheme were treated as having no ascertainable cost of acquisition, so compensation on acquisition was not chargeable to capital gains tax. Interest on enhanced compensation accrued year by year, and only the amount relatable to the year under appeal was taxable in that year. The annual letting value of the self-occupied property was held to require a lower reasonable estimate on the facts. Deduction under section 54E was unavailable because the transfer predated the provision's insertion. Disallowance of agricultural loss was sustained because agricultural income is exempt and such loss is not available for set-off against taxable income. Case-Laws Income Tax Fri, 24 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71701