https://www.taxtmi.com/caselaws?id=60879 For capital gains purposes under the Punjab Development of Damaged Areas Act, 1951, the decisive transfer event is the delivery of possession under the acquisition scheme, not the later award or payment of compensation. The statutory process contemplated publication of the scheme, objections, government sanction, immediate possession and vesting of the land in the Trust free from encumbrances, showing that compensation was consequential rather than constitutive of transfer. As compulsory acquisition required no conveyance, capital gains under section 45 of the Income-tax Act, 1961 arose in the previous year in which possession was taken. The transfer was held to have occurred on 21-4-1971. en-us Wed, 28 Jul 1993 00:00:00 +0530 Sat, 08 Jan 2011 14:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60879 For capital gains purposes under the Punjab Development of Damaged Areas Act, 1951, the decisive transfer event is the delivery of possession under the acquisition scheme, not the later award or payment of compensation. The statutory process contemplated publication of the scheme, objections, government sanction, immediate possession and vesting of the land in the Trust free from encumbrances, showing that compensation was consequential rather than constitutive of transfer. As compulsory acquisition required no conveyance, capital gains under section 45 of the Income-tax Act, 1961 arose in the previous year in which possession was taken. The transfer was held to have occurred on 21-4-1971. Case-Laws Income Tax Wed, 28 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60879