1996 (2) TMI 106

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....ax Act, 1961, at the instance of the Revenue. The following questions of law have been referred by the Tribunal for answer by this court : " (1) Whether the transfer of property within the meaning of section 45 of the Income-tax Act, 1961, takes place in consequence of acquisition proceedings under section 17(1) of the Land Acquisition Act, 1894, on the basis of notification, i.e., October 19, ....

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....tte, Part I, dated October 19, 1973. The notification for acquisition of the property was published during the period February 13, 1974, to February 18, 1974. The final date of hearing was also fixed on March 12, 1974, on which date in the absence of any adverse claim, the property was alleged to have been acquired. The Land Acquisition Officer made the order on August 5, 1974, awarding a compe....

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....sessee's above plea and assessed the compensation in 1976-77. His findings were reversed by the Commissioner of Income-tax (Appeals), who observed that the capital gains arising out of the compulsory acquisition of the property would not fall to be considered in the assessment year 1976-77. The Income-tax Officer, thereafter initiated action under section 148 of the Act for the assessment years 19....

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....capital gains determined by him on the transfer of the property. When the matter was carried in appeal, this action of the Income-tax Officer was confirmed by the Commissioner of Income-tax (Appeals). The Tribunal took the view that the material date is the date on which the property vested in the Government absolutely and that, according to the Tribunal, was January 4, 1975, which fell in the ....