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2012 (7) TMI 551 - AT - Income TaxRevision u/s 263 - Interest on enhanced land compensation - assessee has not offered the same to tax by giving a note in the return of income that the same shall be offered for tax, if and when the matter is fianlised by the Highest Court in favour of the assessee – Held that:- Assessing Officer had mentioned that interest amount has not been brought on tax on the ground that the same would be taxable, when the case is finalized - order cannot be treated as erroneous or prejudicial to the interests of the revenue. In this view of the matter, it cannot be said that Assessing Officer has passed an order in undue haste, without proper application of mind and without conducting due and proper enquiry Regarding interest on late furnishing of return - section 234A(3) mandates levy of interest for late furnishing of the return, in response to section 148 of the Act - Assessing Officer has not charged this interest, the order is erroneous and prejudicial to the interests of revenue to this extent - Assessee is partly allowed.
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