https://www.taxtmi.com/caselaws?id=174018 Where land is compulsorily acquired and possession is taken under section 17 of the Land Acquisition Act, 1894 before the award and before compensation is determined, capital gains could not be fastened on the assessee in the assessment year of possession under the pre-amendment law. Although compulsory acquisition is a transfer under section 2(47) of the Income-tax Act, 1961, the court noted that requiring computation before the compensation amount is known is impracticable, and the later insertion of section 54H confirmed that the earlier statutory position did not adequately address such cases. The department's attempt to tax the gain in assessment year 1984-85 was therefore rejected. en-us Tue, 20 Nov 2007 00:00:00 +0530 Sat, 30 Dec 2023 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174018 Where land is compulsorily acquired and possession is taken under section 17 of the Land Acquisition Act, 1894 before the award and before compensation is determined, capital gains could not be fastened on the assessee in the assessment year of possession under the pre-amendment law. Although compulsory acquisition is a transfer under section 2(47) of the Income-tax Act, 1961, the court noted that requiring computation before the compensation amount is known is impracticable, and the later insertion of section 54H confirmed that the earlier statutory position did not adequately address such cases. The department's attempt to tax the gain in assessment year 1984-85 was therefore rejected. Case-Laws Income Tax Tue, 20 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174018