https://www.taxtmi.com/caselaws?id=326540 Land acquired under the Land Acquisition Act, 1894 vests absolutely in the Government once the award is made and possession is taken, free from all encumbrances. Mere occupation by the assessee for use as residential quarters does not create ownership or make the land an asset "belonging to" the assessee. A later governmental consideration of sale does not alter the legal effect of vesting. Accordingly, for wealth-tax purposes, land owned by the Government but permissively occupied by the assessee cannot be included in the assessee's net wealth. en-us Mon, 29 Feb 2016 00:00:00 +0530 Tue, 19 Apr 2016 11:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326540 Land acquired under the Land Acquisition Act, 1894 vests absolutely in the Government once the award is made and possession is taken, free from all encumbrances. Mere occupation by the assessee for use as residential quarters does not create ownership or make the land an asset "belonging to" the assessee. A later governmental consideration of sale does not alter the legal effect of vesting. Accordingly, for wealth-tax purposes, land owned by the Government but permissively occupied by the assessee cannot be included in the assessee's net wealth. Case-Laws Wealth-tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326540