https://www.taxtmi.com/caselaws?id=38979 Compulsory acquisition of land was treated as a transfer under section 12B because divestiture by operation of law falls within the statutory meaning, so capital gains tax applied. Compensation later quantified by courts was still assessable in the year of acquisition, because the statute deems gains to arise in the previous year in which the transfer occurred. The Appellate Assistant Commissioner could also set aside the assessment and direct a fresh assessment, as the remand power under section 31(3)(b) operated harmoniously with the limitation exception for reassessment made pursuant to an appellate finding or direction. en-us Wed, 10 Sep 1975 00:00:00 +0530 Sat, 10 Apr 2010 17:19:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38979 Compulsory acquisition of land was treated as a transfer under section 12B because divestiture by operation of law falls within the statutory meaning, so capital gains tax applied. Compensation later quantified by courts was still assessable in the year of acquisition, because the statute deems gains to arise in the previous year in which the transfer occurred. The Appellate Assistant Commissioner could also set aside the assessment and direct a fresh assessment, as the remand power under section 31(3)(b) operated harmoniously with the limitation exception for reassessment made pursuant to an appellate finding or direction. Case-Laws Income Tax Wed, 10 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38979