TMI Blog1995 (3) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... 987 relevant to the assessment years 1983-84 and 1984-85 : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in dismissing the Departmental appeal and holding that the interest accrued on compensation could be assessable only after the enhanced compensation had been finally determined with the interest earned by the assessee during the year under consideration and had nothing to do with the compensation/enhanced compensation ? " Briefly stated, the facts of the case are that the assessee is a trust, which came into existence under a deed of trust dated September 1, 1973. Shri Om Prakash Goel and Shri Hari Shankar Goel who were brothers owned certain lands which were acquired by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs by the assessee, the Income-tax Officer while passing the orders of assessment held that the interest income of the assessee was the income of the assessee-trust and brought the same to tax in the respective assessment years. The assessee, being aggrieved thereby, filed an appeal before the Commissioner of Income-tax (Appeals), who after considering the submissions made by the respective parties held that the interest on the compensation amount could not be brought to tax and accordingly deleted the addition made by the Income-tax Officer. The appeal having been filed therefrom by the Revenue, the Income-tax Appellate Tribunal upheld the decision and the view taken by the Commissioner of Income-tax (Appeals). Thereafter an application un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration to the submissions made by counsel for the parties. On a consideration of the record we find that the assessee-trust was allowed to withdraw the enhanced compensation deposited in the court by furnishing a bank guarantee for the amount of compensation as also for the future interest which is the subject-matter in the present case. In view of the aforesaid fact, we are of the opinion that the right to receive the future interest as also the enhanced compensation by the assessee is still unsettled inasmuch as the assessee has been directed to withdraw the future interest also along with the enhanced compensation on furnishing a security for restitution. Accordingly, the withdrawal of the interest portion by the assessee is continge ..... X X X X Extracts X X X X X X X X Extracts X X X X
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