TMI Blog1992 (11) TMI 132X X X X Extracts X X X X X X X X Extracts X X X X ..... der dt. 5th June, 1987, had awarded the assessee enhancement in regard to the market value of this land which was acquired compensation for trees, solatium on the market value of the land, interest under s. 28 of the land acquisition Act, interest under s. 4(3) of the Land Acquisition Act, interest under s. 34 of the Land Acquisition Act and also damages under s. 40A of the Land Acquisition Act. The assessee had purchased the right of claim along with her sister Smt. Rittu and thereby the assessee and Mrs. Rittu became entitled to 50 per cent each on the enhancement of the compensation awarded by the Tribunal. The share that fell to the assessee was Rs. 25,24,360. Out of the said enhancement awarded by the Tribunal, the assessee in the fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al in Shiv Prasad Singhal vs. ITO (1986) 25 TTJ 308 (Del), the Third Member had on an identical aspect of the issue in the concluding paragraphs as observed that the system of accounting followed by the assessee is of no importance as it is only for the purpose of computing the income. He submitted that the Third Member has further observed that the right to receive enhanced compensation must accrue to the assessee and than only the amount shall be liable to tax. He cited the following decisions which are on identical aspect. 1. CIT vs. Hindustan Housing Land Development Trust Ltd. (1986) 58 CTR (SC) 179 : (1986) 161ITR 524 (SC) 2. Topan Das Kundanmal vs. CIT 1976 CTR (Guj) 507 : (1978) 114 ITR 237 (Guj) 3. Harish Chandra Ors. vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision would not apply. She, therefore, pleaded that the prima facie case has not been established by the assessee. She submitted that the financial position as indicated by the assessee of the amounts having been deposited with various persons is not of any relevance when it comes to payment of taxes that are due as per the assessment. She submitted that the stay should not be granted and if the stay is to be granted than the assessee must be directed to provide adequate security. 4. The rival submissions in regard to the application of stay has been very carefully considered. The concept for stay requires prima facie case, the financial position of the appellant and the balance of convenience. Without expressing any view on the merits ..... X X X X Extracts X X X X X X X X Extracts X X X X
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