TMI Blog2020 (8) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. - ITA No.1723/PUN/2017 - - - Dated:- 26-6-2020 - Shri D. Karunakara Rao, AM And Shri S. S. Viswanethra Ravi, JM For the Assessee : Shri Sharad Shah For the REvenue : Shri S. P. Walimbe ORDER PER D. KARUNAKARA RAO, AM: This appeal is filed by the assessee against the order of CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment. The contents of para 5 of the assessment is relevant in this regard. While taxing the said receipt, the Assessing Officer granted deduction u/s 57 of the Act at the rate of 50% instead of exemptive the entire amount in view of the legal precedent available at that point of time. The CIT(A) confirmed the same without appreciating the said judgments. 4. Aggrieved with the said decision of the CIT(A), the assessee is in appeal before the Tribunal with the above extracted grounds. 5. Before us, at the outset, ld. Counsel for the assessee brought our attention to the order of the Tribunal in the case of Dnyanoba Shajirao Jadhav vs. ITO vide ITA No.168/PUN/2016 for the assessment year 2011-12 dated 29.01.2018. Referring to the said ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L.A. Act vis- -vis interest on delayed payment of compensation u/s. 34 of the L.A. Act. The Larger Bench of Hon ble Supreme Court of India in the case of Bikram Singh Ors. Vs. Land Acquisition Collector Ors. (supra) has held that the interest received u/s. 34 of the Act on delayed payment of compensation is a revenue receipt and is exigible to tax. Both the judgments rendered by the Hon ble Apex Court have held that payment of interest on delayed payment of compensation u/s. 34 of the L.A. Act are liable to tax under the provisions of Income Tax Act. 6. From the above, it is evident that it is settled legal proposition at the level of the Tribunal, Pune Benches that the said receipts are not taxable as the same is covered by the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
