Date of Award is Date of Accrual of Gains under Section 45 in case of Compulsory Acquisition

Raj Pal Singh Vs CIT (Supreme Court) The issue under consideration is whether the High Court was right in taking the date of award as the date of accrual of capital gains for the purpose of Section 45 of the Act of 1961? Supreme Court states that, the possession of College over the part of land in question being only that of tenant at sufferance, had the corresponding acknowledgment of the title of the appellant and of the liability of the College to pay mesne profits for use and occupation. The same status of the parties qua the land under lease existed on the date of notification for acquisi...