https://www.taxtmi.com/caselaws?id=24739 Compulsory acquisition under the Requisitioning and Acquisition of Immovable Property Act, 1952 was completed only when the acquisition notification was published in the Official Gazette; because publication occurred on 12 March 1970, the transfer was not completed before 1 March 1970. Agricultural land within municipal limits, or within the specified distance, fell within the amended definition of capital asset for assessment year 1970-71, so the lands remained taxable despite their agricultural character. Section 54B relief was unavailable because the lands were not used by the assessees or their parents for agricultural purposes during the statutory two-year period before transfer. Capital gains were therefore held taxable. en-us Thu, 26 Mar 1987 00:00:00 +0530 Fri, 22 Jan 2010 10:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24739 Compulsory acquisition under the Requisitioning and Acquisition of Immovable Property Act, 1952 was completed only when the acquisition notification was published in the Official Gazette; because publication occurred on 12 March 1970, the transfer was not completed before 1 March 1970. Agricultural land within municipal limits, or within the specified distance, fell within the amended definition of capital asset for assessment year 1970-71, so the lands remained taxable despite their agricultural character. Section 54B relief was unavailable because the lands were not used by the assessees or their parents for agricultural purposes during the statutory two-year period before transfer. Capital gains were therefore held taxable. Case-Laws Income Tax Thu, 26 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24739