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TMI Blog2001 (8) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of the case, the Tribunal was justified in upholding the deletion of the sum of Rs.84,000 included by the Wealth-tax Officer in the net wealth of the assessee for the assessment years 1967-68 to 1974-75?" The dispute relates to the assessment years 1967-68 to 1974-75. The factual position is almost undisputed and is as follows: The assessee is the son of Jogdhian, who died on May 4, 1965. Jogdhian owned a plot of land measuring 315 sq. yds. which was acquired by the Government and possession was taken on August 3, 1963. The Land Acqui sition Collector awarded compensation at Rs.110 per sq. yd. On a reference made by the Collector to the District and Sessions judge, compensation was enhanced to Rs.175 per sq. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ernment and possession thereof having been taken on August 3, 1963, and Jogdhian, the actual owner of the property, having died on May 4, 1965, the assessee acquired only the right of appeal to get higher compensation. The same was held to be non-taxable. The Tribunal held that the compensation already awarded has been assessed in the hands of the assessee and there was no question of the value of the plot to the extent of the 1/3rd share being assessed in the hands of the assessee in the years under reference merely on the basis of appeal filed by him claiming enhanced compensation. The Tribunal further observed that the additional compensation as and when received would be assessable in the hands of the recipient. On being moved for refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue, i.e., the value as on the valuation date of the amount, that may be determined and paid as compensation in future. It cannot be equal to the amount of compensation payable under the Acquisition Act. The present value of the future compensation has, therefore, to be determined on a consideration of all relevant aspects that may be put forward before the competent authority. The first limb of the question relating to the right of, appeal is answered in the affirmative, in favour of the Revenue and against, the assessee. So far as the second limb is concerned we find that the Tribunal has rightly observed that as and when further compensation is received, it would be assessable in the hands of the recipient. There has to be determinatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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