Law: Income Tax Act, 1961

Section: 45,45(5)(c)

JUDGMENT P.D. Dinakaran, J. - These appeals are directed against the common order dated 21-7-2006, made in ITA Nos. 2946 to 2951/Mds./2005 of the Income-tax Appellate Tribunal, Madras "A" Bench, raising the following common substantial questions of law: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that in acquisition proceedings of land belonging to the assessee made by the State Govern-ment, the amounts received as per interim conditional orders of the Court when the appeal by the State objecting to the enhancement of compensation was pending were liable to tax ? 2. Whether, on the facts and in the circumstances of the case, section 45(5)(c) of the Income-tax Act inserted by the Finance Act, 2003, with effect from 1-4-2004, is applicable for the assessment years 1997-98 and 1998-99 ? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in not referring to and not following the decision of this Hon'ble Court in the case of CWT/CIT v.Smt. T. Girija Ammal [2006] 282 ITR 614154 Taxman 211 cited and relied on before the Appellate Tribunal ?" 2. The assessment years with which we are concerned are 1997-98 and 1998-99. The assessees are the appellants herein. The assessees are co-owners of the property comprising land and building at Nos. 83 and 84 (part), Acharya Jagdish Chandra Bose Road, Kolkata which was subjected to land acquisition proceedings under the West Bengal Land (Requisition and Acquisition) Act. The Land Acquisition Officer awarded compensation which was enhanced by the Additional Special Land Acquisition Judge, Alipore, by order dated 22-2-1994. 3. As against the enhancement of compensation, the State filed appeals before the Calcutta High Court. The Calcutta High Court passed an interim order dated 25-4-1995, directing the State of West Bengal to deposit the award amount of which the co-owners were permitted to withdraw 50 per cent on condition. Accordingly, the co-owners withdrew amounts on 22-4-1996, and 2-4-1997. The appeals filed by the State were ultimately dismissed by the Calcutta High Court on 3-3-2002. Since…

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