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2018 (10) TMI 1984 - AT - Income Tax
Revision u/s 263 - interest income representing 50% of the enhanced compensation - whether interest received on enhanced compensation was held to be in the nature of compensation and not interest which is taxable under the head income from other sources under section 56? - HELD THAT:- As decided in Satbir & Others Vs. ITO [2018 (7) TMI 1163 - ITAT CHANDIGARH] core issue of taxing of interest received on enhanced compensation stands adjudicatedin accordance with the decisions of case of Ghanshyam HUF [2009 (7) TMI 12 - SUPREME COURT] and treated as part of compensation exempt from tax, we hereby hold that the order passed by the Assessing Officer cannot be held to be erroneous so far as it is prejudicial to the interests of revenue. The order passed by the Ld. PCIT under section 263 is therefore quashed. Appeal of assessee allowed.