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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 received under section 28 of the Land Acquisition Act, 1894 on enhanced compensation is taxable as income from other sources under the Income-tax Act, 1961.
Analysis: The assessee received interest on enhanced compensation arising from acquisition of land. The statutory scheme under section 56(2)(viii) of the Income-tax Act, 1961 specifically brings interest received on enhanced compensation to tax as income from other sources, and section 57(iv) provides the related deduction framework. The jurisdictional High Court decisions relied upon by the lower authorities supported the view that such interest is taxable in the hands of the recipient.
Conclusion: The interest on enhanced compensation was rightly assessed as income from other sources and no relief was due to the assessee.
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