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2018 (9) TMI 2115 - AT - Income TaxIncome from other sources - compensation received as interest income of the assessees - not considering the same as part of the compensation received u/s 28 of the Land Acquisition Act, 1894 - whether provisions of section 56(2)(viii) were not applicable in cases where agricultural land is involved? - As per DR it was not clear from the judgment relied upon by the Ld. AR as to whether the interest was in the nature of compensation or not - HELD THAT:- We restore all the six appeals to the office of the respective Assessing Officer (s) with the direction to determine as to whether the interest paid amounted to compensation or not and follow the judgment as rendered in the case of CIT vs. Ghanshyam HUF (2009 (7) TMI 12 - SUPREME COURT] as has been directed in case of Union of India & Ors. Vs.Hari Singh & Ors. [2017 (11) TMI 923 - SUPREME COURT]. We also direct the respective AO(s) to provide reasonable opportunity to the assessees before the adjudicating the issue as per law and as per the directions of the Hon’ble Apex Court as aforesaid. We also direct the respective assessees to fully co-operate with the assessment proceedings. Appeals of assessees stand allowed for statistical purposes.
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