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TMI Blog1983 (9) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... sted, as provided in s. 54-E of the IT Act, 1961, the consideration in specified assets within six months after the date of transfer. The Income-tax Authorities held that the investment was forty-eight or seventy-two hours late and that the assessee thus got disqualified. So they denied the benefit of s. 54E to the assessee. 2. Certain lands said to be agricultural were acquired for purpose of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Acquisition Award, unlike the decree of Civil Courts do not either confer, create, abridge, restrict, diminish or extinguish any interest in immovable property. In our opinion, the award only specifies the compensation payable to the citizens. The award contemplates nothing more. The vesting in Government is on taking possession of the land. Sec. 16 of the Land Acquisition Act, 1894 provides th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date on which the award becomes live and operative. The possession would not have been taken on 16th November, 1979 or 17th November, 1979, the date on which the award was passed. So the investment in specified asset is within six months because, the transfer can be only on a date after 26th November, 1979. So the assessee is entitled to the benefits of s. 54-E. Therefore, the other submissions li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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