Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (8) TMI 61 - AT - Income TaxInterest received u/s 28 of Land Acquisition Act 1984 - Capital gain or income from other sources - Whether it does not fall under the category of capital asset?- AO granted deduction u/s 57 of the Act at the rate of 50% instead of exemptive the entire amount - HELD THAT:- As decided in Dnyanoba Shajirao Jadhav [2018 (2) TMI 105 - ITAT PUNE] said receipts are not taxable as the same is covered by the provisions of section 28 of the Land Acquisition Act, 1984. The interest received u/s 28 of the said Act is not taxable. In our considered opinion, the Assessing Officer and the CIT(A) made an error in not complying with the judgement of the Hon’ble Supreme Court in the case of CIT vs. Ghanshyam (HUF) [2009 (7) TMI 12 - SUPREME COURT]. AO shall decide the issue after granting reasonable opportunity of being heard to the assessee during the remand proceedings and allow the claim after due verification of the calculation, figures and the applicability of the said decisions cited above (supra). Thus, the grounds raised by the assessee are allowed for statistical purposes.
|