9911796707
TMI Blog2011 (1) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal has been filed by the revenue under Section 260A of the Income Tax Act, 1961 against the order dated 4.7.2008 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh, in ITA No. 316/Chandi/2008 for the assessment year 2003-04, claiming following substantial questions of law:- "1. Whether on the basis and in the circumstances of the case, the Ld. ITAT was right ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 31.3.2003. The Assessing Officer vide order dated 30.12.2005 completed the assessment at 86,48,650/- by adding Rs.75,71,149/- received by the assessee on account of interest on enhanced compensation on acquisition of land. Against the said order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [in short "the CIT(A)"] who vide order dated 23.1.2008 allowed the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e basis of system of accountancy followed by the assessee; (b) where assessee is not maintaining books of accounts by adopting any specific method, it shall be treated to be cash system of accountancy; (c) the interest under Section 34 to be awarded by the Collector partakes the characters of compensation and is taxable in the year of receipt in view of Section 45(5)(b) of the Act; ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
