1983 (9) TMI 175

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....ase, because the assessee is said to have invested, as provided in s. 54-E of the IT Act, 1961, the consideration in specified assets within six months after the date of transfer. The Income-tax Authorities held that the investment was forty-eight or seventy-two hours late and that the assessee thus got disqualified. So they denied the benefit of s. 54E to the assessee. 2. Certain lands said to b....

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....possession was taken because of urgency. A Land Acquisition Award, unlike the decree of Civil Courts do not either confer, create, abridge, restrict, diminish or extinguish any interest in immovable property. In our opinion, the award only specifies the compensation payable to the citizens. The award contemplates nothing more. The vesting in Government is on taking possession of the land. Sec. 16 ....