825/CBDT.

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....h-tax assessments of the assessee: (i) How have the lands to be valued prior to their acquisition?; (ii) Whether the final compensation awarded can be treated as an asset from the date the assessee is dispossessed of the land or whether the right to receive the additional compensation is created only when the Courts pronounce their orders. 2. The Board are advised that prior to the date of actu....

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.... land, if it is acquired, has to be determined on the basis of its market value as on the date. Later, after an enquiry the Collector makes an award and takes possession of the land which then vests in the Government free from all encumbrances. Till such vesting the assessee is the owner of the land. Hence the Department would be justified in valuing the particular asset, namely, the land in quest....

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....maller amount initially awarded by the Collector and which is the subject matter of reference. 4. The right to receive market value as compensation for the lands which were acquired, came into existance as soon as the lands were acquired. That right is property. Further, it is an indivisible right. There are no two rights, one to receive compensation and the other to receive extra compensation. T....