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2022 (5) TMI 1026 - AT - Income TaxIncome from other sources - Interest income on enhanced land acquisition compensation as taxable under Section 56(2)(viii) r.w.s. 145A(b) - HELD THAT:- We find no merit inn assessee’s instant argument once the legislature has inserted Section 56(2)(viii) vide Finance Act 2009 w.e.f. 01.04.2010 holding interest received on compensation or on enhanced compensation referred to in “clause (b) of Section 145A” as treating the corresponding income as income from “other” sources. The assessee could hardly rebut the fact that the foregoing statutory provision in fact makes both interest on compensation as well as on enhanced compensation deemed as income of the year in which it is received whereas the assessment year before their lordships was 1999-2000 only. We thus hold that the CIT(A) has rightly affirmed the assessment findings assessing the impugned interest income in assessee’s hands. Appellant at this stage invited our attention to the Revenue’s averments in the foregoing miscellaneous application (supra) that its Tax Appeal in a connected case is pending in hon’ble jurisdictional high court raising the very issue. We find no substance in assessee’s instant latter request as well once it is clear that the impugned interest income is very much taxable as per the amended provision i.e. Section 56(2)(viii) r.w.s. 57(iv) r.w.s. 145A(b) applicable w.e.f. 01.04.2010. The assessee fails in its sole substantive ground as well as in the main appeal therefore.
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