1998 (11) TMI 34

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....question referred to us at the instance of the Revenue, relating to the assessment year 1977-78, arising out of the provisions of the Wealth-tax Act is as to "whether, on the facts and in the circumstances of the case, the sum of Rs. 22,68,000 is includible in the net wealth of the assessee as an asset belonging to him as on the valuation date March 31, 1977, relevant for the assessment year 1977-....

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....es, the Tribunal has rightly held that the amount had not accrued to the assessee in the relevant year. That decision of the Tribunal cannot be faulted. The Supreme Court in the case of CIT v. Hindustan Housing and Land Development Trust Ltd. [19861 161 ITR 524, held that the amount of additional compensation awarded to the owner of the land, for the compulsory acquisition of the land, which amoun....