1995 (3) TMI 7

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....High Court (see [1970] 78 ITR 214), in three references made under section 27 of the Wealth-tax Act. The assessment years concerned herein are 1957-58, 1958-59 and 1959-60. The respondent-assessee was the holder of an estate which was acquired under the West Bengal Estates Acquisition Act, 1953. In the proceedings under the Wealth-tax Act, the respondent's right to receive compensation under the s....

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....ermine by an order under section 27(6) of the Wealth-tax Act, 1957, the value of the compensation receivable by the assessee as on the different valuation dates." At the time of the hearing of the reference, the High Court reframed the question. The question, as reframed, read : "Whether, in the facts and circumstances of this case, the right to compensation under the West Bengal Estates Acq....

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....forms Act, 1950, the Bench found, on a comparison of the provisions of the Bihar Act as well as the West Bengal Act that the provisions of both the enactments are identical. The Bench further found that the moment an assessee's land is acquired or otherwise vested in the State, he becomes entitled to compensation and merely because the amount of compensation is not determined immediately, it canno....