9911796707
TMI Blog2013 (3) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... OURT] following it's earlier decision of CWT vs. Smt. Anjamli Khan (1990 (11) TMI 1 - SUPREME COURT) has clarified while issuing the direction that the value of the assessee's right to receive compensation can only be the 'present' value, i.e. the value as on the valuation date of the amount. Thus only such amount which has been received by the assessee or receivable on the date of valuation can b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Tax Appeal No. 52/Del/2000. The appeal has been admitted on the following substantial question of law: - "1. Whether in the facts and circumstances of the case, the Tribunal is justified in holding that the initial compensation, enhanced compensation and interest for the period from 14.12.77 to 10.05.91 was not assessable in the hands of the assessee before Assessment Year 1992-93, relying on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee was acquired by the State Government on 14.12.1977 under the Land Acquisition Act, 1894 by issuing notification u/s 4 thereof and the possession was taken by the State Government on 19.1.1978. The Wealth Tax Officer added a sum of Rs. 9,03,160/- towards the wealth of the assessee for right to receive compensation along with interest thereon and enhanced compensation. The contention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, he submits that the said asset should be valued in terms of the amount finally received by the assessee. He has placed reliance upon a judgment of Apex Court in the case of Commissioner of Income Tax vs. Mehtab (U.C.) 231 ITR 501. The Apex Court following it's earlier decision in the case of CWT vs. Smt. Anjamli Khan (1991) ITR 345 although decided the appeals in favour of the Revenue, but made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore, have to be determined on a consideration of all relevant aspects." The Apex Court has clarified while issuing the direction that the value of the assessee's right to receive compensation can only be the 'present' value, i.e. the value as on the valuation date of the amount. We are of the opinion that only such amount which has been received by the assessee or receivable on the date of valu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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