https://www.taxtmi.com/caselaws?id=18293 In urgency acquisitions under section 17(1) of the Land Acquisition Act, possession before award causes the land to vest absolutely in the Government, and the transfer is complete when possession is taken. The later making of the award does not postpone the transfer date for capital gains purposes. On the stated facts, possession was taken during the relevant accounting year, so the capital gain arose in that year and was assessable in assessment year 1974-75. The challenge to the validity of the acquisition was not substantiated, and the Tribunal had no jurisdiction to rule on the validity of the acquisition proceedings themselves. en-us Fri, 31 May 1996 00:00:00 +0530 Wed, 30 Sep 2009 10:54:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18293 In urgency acquisitions under section 17(1) of the Land Acquisition Act, possession before award causes the land to vest absolutely in the Government, and the transfer is complete when possession is taken. The later making of the award does not postpone the transfer date for capital gains purposes. On the stated facts, possession was taken during the relevant accounting year, so the capital gain arose in that year and was assessable in assessment year 1974-75. The challenge to the validity of the acquisition was not substantiated, and the Tribunal had no jurisdiction to rule on the validity of the acquisition proceedings themselves. Case-Laws Income Tax Fri, 31 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18293