1980 (3) TMI 80

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....DRA C.J.--It appears that some agricultural land belonging to the assessee was acquired by the State Govt. under the Land Acquisition Act. The relevant notification was issued on 7th December, 1961, and the Govt. took possession on 7th March, 1962. The assessee claimed compensation. The Land Acquisition Officer by an order dated 9th May, 1963, determined the compensation payable at Rs. 98,430. The....

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....1965-66 and 1966-67, for which the valuation dates were 27th October, 1964 and 27t October, 1965, respectively, the Tribunal held that the higher amount was liable to be treated as the value of the asset, viz., the compensation payable for the acquired property, but for the assessment year 1964-65 the compensation which could be included in assessee's net wealth was the amount determined by the La....

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.... the date of notification under s. 4 of the Land Acquisition Act : vide s. 11. The value of the acquired asset, thus, being fixed with reference to the date of notification, the difference of opinion as to the actual determination of the amount will make no material difference with reference to the different assessment years, since on the valuation dates the asset was the compensation payable for ....

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....rmined by the Land Acquisition Officer, viz., Rs. 98,430, but on the date when the assessee filed the return viz., 28th February, 1968, the Civil & Sessions Judge's judgment has come into existence. The order of the Civil & Sessions judge superseded and supplanted the determination made by the Land Acquisition Officer. In the eye of law the order passed by the Land Acquisition Officer merged in th....