https://www.taxtmi.com/caselaws?id=31199 In compulsory acquisition, where urgency powers under Section 17(1) of the Land Acquisition Act, 1894 were not invoked, possession and vesting under Section 16 governed the timing of transfer for capital gains purposes. The award was made on 29.9.1970, and the land vested in the Government on that date, so the transfer occurred in the previous year ending 31.3.1971. Read with Section 45(1) of the Income-tax Act, 1961, the capital gains were chargeable in the corresponding assessment year. The argument that taxability arose from the earlier notification date of 15.5.1968 was rejected. en-us Wed, 23 Apr 2008 00:00:00 +0530 Wed, 22 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31199 In compulsory acquisition, where urgency powers under Section 17(1) of the Land Acquisition Act, 1894 were not invoked, possession and vesting under Section 16 governed the timing of transfer for capital gains purposes. The award was made on 29.9.1970, and the land vested in the Government on that date, so the transfer occurred in the previous year ending 31.3.1971. Read with Section 45(1) of the Income-tax Act, 1961, the capital gains were chargeable in the corresponding assessment year. The argument that taxability arose from the earlier notification date of 15.5.1968 was rejected. Case-Laws Income Tax Wed, 23 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31199