https://www.taxtmi.com/caselaws?id=11830 Compulsory acquisition constituted a transfer for capital gains purposes when possession and statutory vesting occurred, not merely when the award was later passed, so the acquisition was taxable in assessment year 1986-87. Agricultural land in Thrikkakara Panchayat also remained a capital asset because the notification in force for the relevant year included that area; the later 1994 exclusion could not alter a completed assessment. Taxability was therefore determined by the law and notification applicable in the relevant assessment year, and the Revenue's position was upheld on both issues. en-us Tue, 21 Jan 2003 00:00:00 +0530 Thu, 13 Aug 2015 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11830 Compulsory acquisition constituted a transfer for capital gains purposes when possession and statutory vesting occurred, not merely when the award was later passed, so the acquisition was taxable in assessment year 1986-87. Agricultural land in Thrikkakara Panchayat also remained a capital asset because the notification in force for the relevant year included that area; the later 1994 exclusion could not alter a completed assessment. Taxability was therefore determined by the law and notification applicable in the relevant assessment year, and the Revenue's position was upheld on both issues. Case-Laws Income Tax Tue, 21 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11830