COMMISSIONER OF WEALTH TAX Vs. A R KRISHNAMURTHY

JUDGEMENT

(1.) THE Tribunal has rightly held that the amount which the appellant was allowed to receive against the bank guarantee pending disposal of the appeal preferred by the State against the judgment of the High Court enhancing the compensation for the land compulsorily acquired from the assessee, cannot be regarded as part of the taxable income or the wealth of the assessee as the money cannot be said to belong to the assessee until the Supreme Court, if it does, affirms the decision of the High Court.

(2.) THE Supreme Court in the case of CIT v. Hindustan Housing and Land Development Trust Ltd. [1986] 161 ITR 524 held that the compensation which was in dispute in the superior court could not be treated as income accruing to the assessee during the previous year.