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2012 (3) TMI 207 - HC - Income TaxWhether the interest received by the assessee from the date of taking over possession of the assessee's land to the date of passing an award under the Land Acquisition Act, 1894 is liable to be treated as a capital receipt - assessee an individual doing business of trading in cycles and cycle parts and also derives income from agricultural land owned by him - assessee's agricultural land was taken possession of by the Government on October 31, 1988, with his consent that interest would not be payable to the assessee up to October 30, 1988, or till the date of the award, whichever is earlier - Held that :-title in the property had not passed on to the Government it may be said that the owner was given interest in place of his right to retain possession of the property - In such a case, the interest received would be a capital receipt.
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