2001 (6) TMI 28

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..... following question for our opinion: 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the capital gain, if any, arising from the acquisition of the assessee's land is not assessable in the assessment year 1965-66?" The assessee is Estate Mineral Development Co. (P.) Ltd. and the assessment year under reference is 1965-66. The original .....

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..... ls) found that the land has not been transferred in the accounting year relevant to the assessment year 1965-66. Therefore, that amount of compensation cannot be taxed in the assessment year 1965-66. In appeal before the Tribunal, the Tribunal has endorsed the view taken by the Commissioner of Income-tax (Appeals). None appeared for the assessee. Heard learned counsel for the Revenue, Mr. Agarwal .....

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..... ection 3 defines the previous year, i.e., accounting year. Sub-section (3) of section 3 gives the liberty to the assessee that assessee may have different previous year in respect of a separate source of his income. Admittedly, the assessee has opted December 31, 1964, as year ending, i.e., ending of the previous year. He never claimed that for the source of capital gain the year ending will be Ma .....

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