9911796707
TMI Blog1986 (1) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... rd by notification dt. 4th July, 1977. The award was finalised on 6th Jan., 1978. As the properties were tenanted, the Government asked the tenants to vacate the premises. It appears that physical possession of the premises was taken over by the Government some time in August/October, 1979. The assessee received compensation on 28th Sept., 1980 and deposited it in the bank on 23rd March, 1981. Its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hardships caused to the assessee, the provisions of the Act have not made any allowance for the procedural delays in the receipt of the compensation. The exemption in question can only be allowed according to the provisions of the Act. The ITO has rightly rejected the assessee's claim in this regard." The assessee is in appeal. 2. The ld. counsel for the assessee submitted that capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposit could be made only after the compensation was paid to the assessee. Since the compensation was received on 28th Sept., 1980 and the deposit was made in the Indian Overseas Bank on 23rd March, 1981, within six months of the receipt of the compensation, the assessee had complied with all the requirements of s. 54E and was entitled to exemption even if an assessment were to be made for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emises passed to that authority. It is for that authority to take physical possession of the property. Nowhere it is sated that the vacant possession has to be given by the original owner to the Government. It is for the Government to take steps in that direction. It is, therefore, not reasonable to hold that the properties vested in the Government only on the date of eviction of the tenants. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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