TaxTMI 
TaxTMI 
1992 (1) TMI 46
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....Civil Writ Petitions Nos. 6646, 6958 and 6959 of 1987;4342, 4343 and 4344 of 1988; 14176, 14082 and 14083 of 1989 ; 5909, 5908 and 12667, 12695, 12696, 12697, 12739 and 3071 of 1990. The petitioner held certain agricultural land. All that land was acquired. Subsequently, by due process of law under the Land Acquisition Act (hereinafter called "the Act"), the Collector offered certain amount as co....
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....amount of compensation enhanced by the District Court as also by the High Court in appeals was not exigible to wealth-tax as it was not the petitioner's wealth at the time of assessment in the given year. Later, the petitioner also added a claim that the amount so received as compensation in lieu of agricultural land did not change its character and was, therefore, exempt from tax. Reliance was p....
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....nced compensation could not be assessed to wealth tax as the wealth of the petitioner for the year in which the acquisition took place or any subsequent years. The contention is that such wealth could be assessed only in the year when it was made available and as, states the learned counsel, was acquired by the petitioner. This contention was seriously contested by counsel for the Department. Both....