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2015 (1) TMI 1116 - AT - Income TaxInterest on land acquisition compensation assessed on receipt basis - CIT (A) deleted the addition - nature of interest, whether it is interest paid u/s. 28 or u/s. 34 of Land Acquisition Act, 1894.? - Held that:- Taking into account all the facts and circumstances of the issue as analysed in the foregoing paragraphs and also in conformity with (i) the ruling of the Hon’ble Supreme Court in the case of Ghanshyam (HUF) [2009 (7) TMI 12 - SUPREME COURT] and (ii) the findings of the Hon’ble Delhi Bench of the ITAT in the case of Ajay Sharma (2010 (12) TMI 548 - ITAT, Delhi ); we are of the view that the CIT (A) was not justified in allowing the assessee’s appeal. - Decided in favour of revenue. Capital gains computed on protective basis - Held that:- The additional compensation and interest received thereon is proposed to tax in the year of receipt. As the assessee has erroneously declared additional compensation and interest on accrual basis, the said returns will be assessed on a protective measure. The assessee’s claim on this count is not valid and, accordingly, the issue of ‘Capital gains computed on protective basis’ is not adjudicated. - Decided in favour of revenue.
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