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Issues: Whether interest awarded under Section 28 of the Land Acquisition Act, 1894 on enhanced compensation is taxable as interest on a year-to-year basis or as part of compensation in the year of receipt.
Analysis: The Court applied the binding view that interest under Section 28 is an accretion to the value of the acquired land and forms part of enhanced compensation, unlike interest under Section 34. Once so characterised, the amount falls within the scheme of taxability of enhanced compensation under Section 45(5) of the Income-tax Act, 1961, with reference to receipt of the amount and consequential adjustment under Section 155(16).
Conclusion: The amount is taxable as compensation in the year of receipt and not as interest on a year-to-year basis; the question framed no longer survives.
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