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2015 (12) TMI 1032 - HC - Income TaxRefund of TDS in respect of the amount received on account of interest awarded under Section 28 on acquisition of the agricultural land - Held that:- On enhanced amount of compensation in respect of the acquired land falls for taxation under Section 56 of the Act as "income from other sources" and is exigible to tax in the year of receipt under cash system of accountancy. It had also been observed that where the assessee is not maintaining books of accounts by adopting any specific method, it shall be treated to be cash system of accountancy. In the present case, the interest received by the petitioner was on account of delay in making the payment of enhanced compensation and, therefore, would fall under Section 28 of the 1894 Act. Such payment could not par-take the character of compensation for acquisition of agricultural land and, thus, was not exempt under the Act. Once that was so, the tax at source had been rightly deducted by the payer. See Sarti v. Haryana State Industrial and Infrastructure Development Corporation Ltd. and others [2011 (5) TMI 939 - PUNJAB AND HARYANA HIGH COURT] In view of the above, the tax at source has been rightly deducted and the petitioners can claim the refund, if any, admissible to them by filing the income tax returns in accordance with law. - Decided against assessee
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