1983 (8) TMI 32

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....nce at the instance of the assessee and the question referred to us by the Income-tax Appellate Tribunal, Poona Bench, is as under: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Appellate Assistant Commissioner was right in law in coming to the conclusion that the sum of Rs. 23,327 should be brought to charge as capital gains for the....

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....n in the Court of the Civil Judge, Senior Division, Sangli, who awarded an additional amount of Rs. 21,327.61 by his decision, which was given on February 22, 1965. This date would be relevant to the assessment year 1966-67. In the assessment of the assessee for the year 1964-65, the ITO took the valuation of the land at Re. 0.25 per sq. ft. as on January 1, 1954, which had already been decided....

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....be levied only in the year 1962-63. This was based upon the contention that possession had been taken of the lands as early as February 2, 1961, and this was said to be established by reference to a kabje pavti and a letter addressed to the Executive Engineer presumably confirming the handing over of the possession. The Tribunal examined various provisions of the Land Acquisition Act, 1894, and he....

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....re is no substance in the argument. The notifications which are rescinded cease to exist legally. We have to consider only the notifications under ss. 4 and 6 which are the operative notifications and if the dates as mentioned in the order of the Tribunal are borne in mind, it would be clear that until the award was made, which was on May 6, 1983, there would not be any passing of the property or ....