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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether interest awarded under Section 28 of the Land Acquisition Act, 1894 on enhanced compensation is to be taxed on a year-to-year basis or in the year of actual receipt, and whether such amount is to be treated as interest or as part of compensation.
Analysis: The amount awarded under Section 28 was held to be part of the enhanced compensation and not mere interest. In view of the Supreme Court's pronouncement, the receipt of enhanced compensation, including the amount awarded under Section 28, is taxable in the year of receipt under Section 45(5) of the Income-tax Act, 1961, subject to adjustment under Section 155(16) of that Act.
Conclusion: The amount is taxable as compensation in the year of receipt and not on a year-to-year basis; the question framed no longer survives.
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