Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 1056 - AT - Income TaxTaxability of a sum received as interest on enhanced compensation - Exemption u/s. 10(37) - interest received u/s 28 of the Land Acquisition Act from Government, on delayed Award of compensation on compulsory acquisition of agricultural land - whether taxable as income of the assessee from other sources? - HELD THAT:- On perusal of the order of the Tribunal in the case of Jagmal Singh Vs. ITO [2018 (9) TMI 1468 - ITAT DELHI] find that the issue in appeal has been decided in favour of the assessee holding that interest received by the assessee under Section 28 of the LA Act is part of enhanced compensation and exempt under Section 10(37) . Thus interest received under Section 28 of the LA Act by the assessee is part of enhanced compensation and is not liable for Income tax. Accordingly, the Assessing Officer is directed to delete the addition made while computing the income of the assessee. - Decided in favour of assessee.
|