https://www.taxtmi.com/caselaws?id=27114 In compulsory acquisition without urgency powers, capital gains under section 45 of the Income-tax Act accrue when the award is made and the property vests in the Government free from encumbrances. Earlier taking of possession does not by itself complete the transfer or trigger taxability. The taxable event is therefore the making of the award and vesting of title, not mere physical possession. Capital gains were accordingly not taxable in the earlier assessment year based only on possession, but in the later assessment year when the award was made and title vested. en-us Wed, 21 Sep 1983 00:00:00 +0530 Wed, 10 Feb 2010 17:48:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27114 In compulsory acquisition without urgency powers, capital gains under section 45 of the Income-tax Act accrue when the award is made and the property vests in the Government free from encumbrances. Earlier taking of possession does not by itself complete the transfer or trigger taxability. The taxable event is therefore the making of the award and vesting of title, not mere physical possession. Capital gains were accordingly not taxable in the earlier assessment year based only on possession, but in the later assessment year when the award was made and title vested. Case-Laws Income Tax Wed, 21 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27114