https://www.taxtmi.com/caselaws?id=23793 Compensation received after acquisition of a plot was not chargeable as capital gains for the assessment year 1971-72 because any transfer of the capital asset, or extinction of the assessee's right or interest, had already occurred before the relevant previous year. Once the land was acquired, the assessee had only a right to receive compensation, and the amount was quantified later under consent terms. The taxable event, if any, lay in the earlier acquisition period, not in the year in which compensation was subsequently determined and received. The issue was therefore decided in favour of the assessee. en-us Wed, 06 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:02:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23793 Compensation received after acquisition of a plot was not chargeable as capital gains for the assessment year 1971-72 because any transfer of the capital asset, or extinction of the assessee's right or interest, had already occurred before the relevant previous year. Once the land was acquired, the assessee had only a right to receive compensation, and the amount was quantified later under consent terms. The taxable event, if any, lay in the earlier acquisition period, not in the year in which compensation was subsequently determined and received. The issue was therefore decided in favour of the assessee. Case-Laws Income Tax Wed, 06 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23793