https://www.taxtmi.com/caselaws?id=214085 Enhanced compensation on compulsory acquisition was chargeable as capital gains under the special deeming scheme for receipt-based taxation, and the absence of cost of acquisition did not defeat liability because the provision treats such cost as nil. The plea that the amount was agricultural income failed on the factual finding that the lands were waste lands and there was no reliable proof of agricultural operations. Interest on the compensation, however, accrues from year to year and cannot be taxed only in the year of actual receipt; it must be apportioned over the relevant periods of accrual. en-us Tue, 30 Mar 2010 00:00:00 +0530 Mon, 18 Jun 2012 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214085 Enhanced compensation on compulsory acquisition was chargeable as capital gains under the special deeming scheme for receipt-based taxation, and the absence of cost of acquisition did not defeat liability because the provision treats such cost as nil. The plea that the amount was agricultural income failed on the factual finding that the lands were waste lands and there was no reliable proof of agricultural operations. Interest on the compensation, however, accrues from year to year and cannot be taxed only in the year of actual receipt; it must be apportioned over the relevant periods of accrual. Case-Laws Income Tax Tue, 30 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214085