1987 (7) TMI 66

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..... stion of law, namely: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the bonds were received in 1968, but in law the fight to receive compensation accrued to the assessee in 1956, when the Jagir was resumed by the State Government and, therefore, the gain arising from the sale of Jagir bonds were to be treated as long-term capital gains ? " .....

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..... aw under section 256(1) of the Act. There is no dispute about the correctness of the first part of the Tribunal's finding that the Jagir bonds were received in 1968, when in law the assessee's right to receive compensation accrued in 1956 on the resumption of his Jagir by the State. The only controversy is about the nature of the surplus receipt on the sale of the Jagir bonds. It has been held b .....

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