https://www.taxtmi.com/caselaws?id=169533 Land acquired by the Government was held to be a capital asset because it was not actually agricultural at the relevant time: it had never been used for agricultural operations, no agricultural income had been derived, and it was only a vacant fallow site. Compulsory acquisition was also held to amount to a transfer within section 12B(1), because the term transfer is of wide import and includes divestiture of title by operation of law. The absence of voluntary assent did not prevent capital gains tax from applying, and the resulting surplus was chargeable to tax. en-us Wed, 13 Nov 1963 00:00:00 +0530 Sat, 25 Apr 2015 10:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169533 Land acquired by the Government was held to be a capital asset because it was not actually agricultural at the relevant time: it had never been used for agricultural operations, no agricultural income had been derived, and it was only a vacant fallow site. Compulsory acquisition was also held to amount to a transfer within section 12B(1), because the term transfer is of wide import and includes divestiture of title by operation of law. The absence of voluntary assent did not prevent capital gains tax from applying, and the resulting surplus was chargeable to tax. Case-Laws Income Tax Wed, 13 Nov 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169533