https://www.taxtmi.com/caselaws?id=57669 For capital gains on compulsory acquisition, only consideration actually received or legally accrued can be brought to tax; a higher amount merely claimed before the land acquisition authorities does not count as accrued consideration. The amount awarded by the Special Land Acquisition Officer was therefore the operative figure for computation, and any future enhanced compensation was not substituted on these facts. On valuation, rent capitalisation was held unsuitable where the property was substantially land and the rental return was not a reliable commercial measure. The fair market value as on 1 January 1954 had to be recomputed by a suitable land-and-building or other appropriate method. en-us Wed, 20 Jul 1977 00:00:00 +0530 Sat, 11 Dec 2010 14:03:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57669 For capital gains on compulsory acquisition, only consideration actually received or legally accrued can be brought to tax; a higher amount merely claimed before the land acquisition authorities does not count as accrued consideration. The amount awarded by the Special Land Acquisition Officer was therefore the operative figure for computation, and any future enhanced compensation was not substituted on these facts. On valuation, rent capitalisation was held unsuitable where the property was substantially land and the rental return was not a reliable commercial measure. The fair market value as on 1 January 1954 had to be recomputed by a suitable land-and-building or other appropriate method. Case-Laws Income Tax Wed, 20 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57669