TaxTMI 
TaxTMI 
1986 (5) TMI 62
X X X X Extracts X X X X
X X X X Extracts X X X X
....n various valuation dates relating to the above years. The grievance of the assessee in cross-appeals being WTA Nos. 321 to 326/Chandi/84, on the other hand, is that the enhanced compensation was granted by the Hon'ble High Court vide its order dt. 10th Dec., 1985 and the compensation was actually received on 20th May, 1981 and, therefore, nothing was due to the assessee and, therefore, no addition should have been made on this account in any of the assessment years under appeal. 3. In order to appreciate the implications of the above grounds of appeal, we consider it necessary to state the facts in brief. The assessee owned certain agricultural lands which were acquired by the Govt. of Haryana in the year 1972. The land acquisition awar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....30 8,79,810 1977-78 9,06,340 151332 7,55,008 1976-77 9,05,340 186134 7,20,205 1975-76 9,06,340 220926 6,85,404 1974-75 9,06,340 255738 6,50,602 4. Aggrieved by the above inclusions toward enhanced compensation by the WTO in different assessment years, the assessee preferred appeal before the AAC. For the asst. yr. 1979-80 the assessee originally took the grounds before the AAC that only half of the value of compensation receivable should have been included in that net wealth of the assessee. For the rest of the assessment years, the only ground of appeal before the AAC was that enhanced compensation should not be included in the net wealth of the assessee at all because it became his wea....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Value in appeal by AAC . Relief 1979-80 9,23,650 8,00,000 785100 1,23,650 1978-79 9,79,810 7,50,000 703850 1,29,810 1977-78 7,55,008 6,00,000 566250 1,55,008 1976-77 7,20,206 5,50,000 504150 1,70,206 1975-76 6,85,404 5,00,000 445510 1,85,404 1974-75 6,50,602 4,50,000 390360 2,00,602 While fixing the above value he observed that "keeping in view the rate of interest payable by the banks and the fact that investments almost become double in six to seven years it is held that the value should be taken as value of this right in enhanced compensation to be includible in the net wealth of the assessee as on the relevant valuation dates." Both the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ady reduced the amount of interest receivable on the enhanced compensation from the date next following the valuation date to the date of receipt. To some extent this will neutralise the plea that investments in banks get double in six to seven years inasmuch as the rate of interest awarded and taken into consideration by the WTO is only 6 per cent whereas the rate of investments for getting the amount doubled in six to seven years would be around 11 per cent Then the AAC has not taken into consideration the hazards of litigation. Considering the fact that the WTO has already deducted from the amount of final compensation awarded by the High Court, the amount of interest payable from the next date of the valuation dates to the date of recei....