TaxTMI 
TaxTMI 
1986 (1) TMI 72
X X X X Extracts X X X X
X X X X Extracts X X X X
....t. The agricultural land was acquire by the Military Authorities on October 5, 1974. 2. As the assessee was divested of land on October 5, 1974, he had the right to receive enhanced compensation which was an asset as on January 31, 1975. The value of this asset has not been shown in the return which is estimated at Rs. 5 lakhs. I have, therefore, reasons to believe that by the assessee's failure to disclose fully and truly all material facts necessary for assessment, wealth has escaped assessment." It is not in dispute before me that at the time the petitioner filed his return for the assessment year 1975-76, his application under section 18 of the Land Acquisition Act, challenging the adequacy of the compensation awarded to him, was pend....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ch as per section 17(1)(a) of the W.T. Act, is a pre-condition for the reopening of the assessments made against him. He further maintains that in the absence of fulfilment of this pre-condition, the entire action of the respondent authorities in issuing the impugned notices is without jurisdiction. As against this, as already pointed out, the whole case of the respondent authorities is that the petitioner had failed to mention in his returns for the relevant years about the pendency of proceedings under section 18 of the Land Acquisition Act and had he done so, the assessments made against him would have been otherwise. Having heard the learned counsel for the parties at some length, I do not feel impressed with the submission made on beha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cquisition Act, the claimant has only one right which is to receive compensation for the lands at their market value on the date of the relevant notification and it is this right which is quantified by the Collector under section 11 and by the civil court under section 26 of the Land Acquisition Act ......... The claimant can litigate the correctness of the award because his right to compensation is not fully redeemed but remains alive which he prosecutes in a civil court ......... This, however, does not mean that the civil court's evaluation of this right done subsequently would be its valuation as at the relevant date either under the Estate Duty Act or the Wealth-tax Act. It will be the duty of the assessing authority under either of th....