9911796707
TMI Blog1989 (9) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... ises, at the behest of the Revenue, the following question : "Whether, on the facts and circumstances of the case, the assessee acquired only a right to litigate and did not hold any interest in the lease hold land and hence the compensation amount of Rs. 4,23,044.67 is not liable to capital gains ?" For reasons that will become apparent, we reframe the question thus : "Whether, on the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date upon which it obtained possession of the said plot. The payments were not made by the assessee. Possession of the said plot was not given to the assessee. No formal agreement was entered into. On February 17, 1954, the assessee received a notice under section 4 of the Land Acquisition Act, 1894, stating that the said plot was proposed to be acquired for the public purpose of constructing a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount attracted tax being capital gain. The Tribunal found that the assessee had no proprietary interest in the said plot but only a right to sue for a lease thereof. It did not, therefore, hold a capital asset and there was no question of having transferred or relinquished it. The Tribunal also noted that the interest of the assessee in the said plot, if at all it had any, had been taken away be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar ended 30th June, 1970. Having regard to the consent terms that were entered into, we must proceed upon the basis that the assessee had a right or interest in the said plot. That right or interest ceased when the said plot was acquired and that was long before the commencement of the previous year in question. Thereupon, the assessee obtained the right to get compensation and the amount of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
