2001 (6) TMI 28 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee, Estate Mineral Development Co. (P.) Ltd., stating that the capital gain from the acquisition of land is not assessable in the assessment year 1965-66. The Tribunal's decision was upheld based on the accounting year chosen by the assessee, ending on December 31, 1964, for capital gain tax purposes. The compensation received for the land acquisition was not taxable in the assessment year 1965-66.