https://www.taxtmi.com/caselaws?id=37951 Agricultural land situated within municipal limits remains a capital asset for capital-gains purposes, notwithstanding its actual cultivation or agricultural character. In compulsory acquisition, transfer occurs when title statutorily vests in the acquiring Government upon publication of the acquisition notice; capital gains arise in that year without requiring actual receipt of compensation. Computation may include only compensation determined or accrued, not an assessee's unadjudicated claim for enhanced compensation. The reference mechanism requires prior application to the Tribunal, and an additional question cannot be introduced directly before the High Court without compliance with that procedure. en-us Tue, 27 Sep 1977 00:00:00 +0530 Fri, 02 Apr 2010 12:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37951 Agricultural land situated within municipal limits remains a capital asset for capital-gains purposes, notwithstanding its actual cultivation or agricultural character. In compulsory acquisition, transfer occurs when title statutorily vests in the acquiring Government upon publication of the acquisition notice; capital gains arise in that year without requiring actual receipt of compensation. Computation may include only compensation determined or accrued, not an assessee's unadjudicated claim for enhanced compensation. The reference mechanism requires prior application to the Tribunal, and an additional question cannot be introduced directly before the High Court without compliance with that procedure. Case-Laws Income Tax Tue, 27 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37951