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2017 (6) TMI 1275 - ITAT DELHIIncome from other sources u/s 56 - treating the net interest being the amount of interest u/s 28 of the Land Acquisition Act, 1894 as chargeable to tax - Held that:- The amount of interest received by the assessee is chargeable to tax in the year of receipt in view of insertion of clause (viii) to section 56(2) by the Finance No. (2) Act 2009 w.e.f 01.04.2010. This provision read with section 145A(b) makes it clear that interest received by assessee on compensation or an enhanced compensation shall be deemed to the income of the year in which it is received. CIT(A) has rightly set out and relied on in the case of Manjeet Singh (HUF) vs. UOI (2015 (12) TMI 1123 - PUNJAB & HARYANA HIGH COURT) being the jurisdictional High Court. In view of foregoing discussion, CIT(A) was right in treating the amount as chargeable to tax. - Appeal filed by the assessee is dismissed.
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