TMI Blog1997 (4) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment year 1971-72 and not in the assessment year 1972-73 ? " The controversy in this case pertains to the assessment year 1972-73 relevant to the financial year April 1, 1971 to March 31, 1972. The respondent-assessee (hereinafter referred to as the assessee) is a joint Hindu family which held 25 Kanals and 1 Marla of land in Muktsar. This land was purchased by the assessee in the year 1957 for a sum of Rs. 8,000. The State of Punjab issued notifications under sections 4 and 6 read with section 17 of the Land Acquisition Act, 1894 (hereinafter referred to as the Act of 1894), which was published in the Punjab Government Gazette dated December 31, 1970, seeking to acquire the land at public expense for a public purpose. It was ment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee filed a further appeal before the Tribunal and contended that capital gains could only arise when the transfer of the title took place. According to him, the transfer of the title took place within 15 days of the publication of the Gazette notification under section 17 of the Act of 1894. On consideration of the provisions contained in section 17 of the Act of 1894, the Tribunal took the view that capital gains arose on the transfer of the title to the land in the year 1970 relevant to the assessment year 1971-72 and not in the assessment year 1972-73 when the award was given and consideration received. Accordingly, the Tribunal deleted the addition of Rs. 26,650 made in the assessment year 1972-73. Aggrieved against the findi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent so directs, the Collector, though no such award has been made, may, on the expiration of fifteen days from the publication of the notice mentioned in section 9, sub-section (1), take possession of any . . . . land needed for public purpose. . . . Such land shall thereupon vest absolutely in the Government, free from all encumbrances." Under the Land Acquisition Act, vesting of land in the Government takes place : "(a) when possession is taken consequent upon the passing of the award under section 16 ; or, (b) when possession is taken consequent upon the direction made under section 17(1) or where possession is taken as contemplated under section 17." Whenever the urgency provisions of section 17 are invoked, the procedure given ..... X X X X Extracts X X X X X X X X Extracts X X X X
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