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2019 (7) TMI 933 - AT - Income TaxRevision u/s 263 - CIT directed to bring to tax interest received on compensation / enhanced compensation - interest received by the assessee u/s 28 of the Land Acquisition Act, 1894 was to be taxed u/s 56(2)(vi) - HELD THAT:- In the instant case, no interest has been awarded by the Sub Court u/s 34 of the Land Acquisition Act, 1894. It is a fact that the Pr.CIT had agreed that the interest was received u/s 28 of the Land Acquisition Act, 1894. The issue has been correctly decided by the Assessing Officer in the light of the judgment of the Hon’ble Supreme Court in the case of Ghanshyam (HUF) [2009 (7) TMI 12 - SUPREME COURT] and hence there was no need for the Pr.CIT to invoke revisionary jurisdiction u/s 263 of the I.T.Act to set aside the assessment completed u/s 143(3) of the I.T.Act. In the instant case, the Assessing Officer had applied his mind on the assessability of interest received u/s 28 of the Land Acquisition Act, 1894 in the light of the judgment of the Hon’ble Apex Court on the subject. Thus order u/s 263 of the I.T.Act passed by the Pr.Commissioner of Income-tax is quashed. - Decided in favour of assessee.
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