TaxTMI 
TaxTMI 
1996 (2) TMI 46
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.... --- In this application, filed under section 256(2) of the Income-tax Act, 1961, the Commissioner of Income-tax, Guntur, seeks a direction to the Income-tax Appellate Tribunal to state the case and refer the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the lands ....
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....s in nature and that they were acquired on August 3, 1977, the date of taking possession. On further appeal by the assessee, the Tribunal held : (a) that the land was an agricultural land ; and (b) that the gains from the land did not accrue in the previous year relevant to the assessment year 1978-79. The Commissioner of Income-tax, Guntur, had filed the application under section 256(1) of the In....
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....as taken. In that case the possession of the land was taken on January 12, 1967, by invoking the urgency clause under section 17 of the Land Acquisition Act, as such capital gains had been assessed in the assessment year 1967-68. In our view that judgment has no application to the facts of the present case inasmuch as in the present case possession was not taken by invoking the urgency clause unde....
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....ossession was taken as contemplated under sub-section (2) of section 17 of the Land Acquisition Act. It was contended that mere taking of possession by itself did not bring about the vesting. However, where possession was taken either before the initiation of the acquisition proceedings or during the course of acquisition proceedings otherwise than by invoking sub-section (1) or sub-section (2) of....