TMI Blog2018 (9) TMI 2115X X X X Extracts X X X X X X X X Extracts X X X X ..... to whether the interest paid amounted to compensation or not and follow the judgment as rendered in the case of CIT vs. Ghanshyam HUF ( 2009 (7) TMI 12 - SUPREME COURT] as has been directed in case of Union of India Ors. Vs.Hari Singh Ors. [ 2017 (11) TMI 923 - SUPREME COURT] . We also direct the respective AO(s) to provide reasonable opportunity to the assessees before the adjudicating the issue as per law and as per the directions of the Hon ble Apex Court as aforesaid. We also direct the respective assessees to fully co-operate with the assessment proceedings. Appeals of assessees stand allowed for statistical purposes. - ITA No. 685/Del/2017, 686/Del/2017, 6042/Del/2016, 4163/Del/2017, 6615/Del/2016, 5765/Del/2016 - - - Dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wing deduction of 50% u/s 57(iv) of the Income Tax Act, 1961. The assessee s appeal before the Ld. CIT (A) was dismissed and now the assessee has approached the ITAT challenging the order of the Ld. CIT (A). (II) ITA No. 686/Del/2017 is the assessee s appeal against order dated 28.11.2016 passed by the Ld. CIT (A)-I, Gurgaon for assessment year 2013-14. In this case the compensation awarded was Rs. 1,37,80,721/- which was claimed as exempt u/s 10(37) of the Income Tax Act, 1961 and the AO made addition of Rs. 68,90,360/- under the head income from other sources as interest income after allowing deduction of 50% u/s 57(iv) of the Income Tax Act, 1961. Since the assessee s appeal was dismissed by the Ld. CIT (A), the assessee has now app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 is preferred by the assessee against order dated 29.08.2016 passed by the Ld. CIT (A)- I, Gurgaon for assessment year 2013-14. The compensation awarded in this case was Rs. 2,33,13,515/- which was claimed as exempt by the assessee u/s 10(37) of the Act and the AO denied the claim of the assessee making an addition of Rs. 1,16,56,757/- under the head income from other sources as interest after allowing deduction @ 50% u/s 57(iv) of the Income Tax Act, 1961. 3. In all the appeals the assessees have challenged the action of the Ld. CIT (A) in confirming the action of the assessing officer in treating the compensation received as interest income of the assessees and not considering the same as part of the compensation received u/s 28 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Ors. [In Civil Appeal No. 15041/2017] wherein vide judgment dated 15th September, 2017 the Hon ble Apex Court in a bunch of 34 Civil Appeals and 2 Writ Petitions has held that while determining as to whether the compensation paid was for agricultural land or not, the Assessing Officer(s) will keep in mind the provisions of Section 28 of the Land Acquisition Act and the law laid down by the Apex Court in CIT vs. Ghanshyam (HUF) (supra) in order to ascertain whether the interest given under the said provision amounts to compensation or not. The Ld. Authorised Representative submitted that in view of this judgment of the Hon ble Apex Court it was very much evident that the interest was part of the compensation and was not taxable. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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