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TMI Blog2006 (2) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... ore higher judicial forums. In such circumstances, the disputed compensation has to be assessed only when it is finally determined by the higher courts. The Tribunal had rightly held that the additional compensation could not be assessed during the year in question and can be assessed only at a time when the final higher court decides the issue. - wealth-tax assessment had been framed on the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same is pending. The sub-court awarded interest on the additional compensation from the date of possession taken by the Government. The assessee filed a return of wealth admitting a net wealth of Rs. 12,95,500. The Wealth-tax Officer arrived at a net wealth of Rs. 46,51,330 and Rs. 53,022 was charged as wealth-tax. Hence, the assessee preferred an appeal before the Commissioner of Income-tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd payment of interest on additional compensation made at different points of time were not liable to tax due to the fact that appeals were pending? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Tribunal is right in law in holding that the assessee did not own the amount of compensation whether received or not on the valuation date for the respective assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refund the amount and hence, the same cannot be assessed before reaching finality. The right to receive the additional amount awarded by the court as part of the compensation was only an inchoate right during the pendency of the matter before higher judicial forums. In such circumstances, the disputed compensation has to be assessed only when it is finally determined by the higher courts. The Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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