TaxTMI 
TaxTMI 
1986 (1) TMI 137
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....p; The assessee was owning some shops near Devaraja Market, Mysore. They were acquired by the City Improvement Trust Board by notification dt. 4th July, 1977. The award was finalised on 6th Jan., 1978. As the properti....
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....f the assessee under s. 54E. It is argued by the assessee that the compensation itself was received only in September 1980 and that the assessee could not have deposited the amount in the security in question within six months of the transfer. I am unable to agree with the assessee. Irrespective of the hardships caused to the assessee, the provisions of the Act have not made any allowance for the ....
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....ssion of the premises passed to the Government on 4th July, 1977 itself, if not, on 6th Jan., 1978. Since the transfer took place before 1st March, 1979, the assessee was not required to deposit the proceeds in Rural Development Bonds. It was sufficient if it made a deposit with a nationalised bank. The deposit could be made only after the compensation was paid to the assessee. Since the compensat....
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.... deposit having actually been made on 23rd March, 1981, the assessee was not entitled to exemption under s. 54E. 4. We have heard the rival submissions. The arguments advanced on behalf of the assessee are quite sound. When tenanted premises are acquired by an authority the legal ownership of the premises passed to that authority. It is for that authority to take physical possession of the prop....