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of <h1>Supreme Court Upholds Income Tax Treatment on Land Acquisition Interest</h1> <h3>Commissioner of Income-Tax, Madras Versus T. NK Govindarajulu Chetty</h3> The Supreme Court dismissed the appeals on the income tax treatment of interest accrued on land acquisition compensation for assessment years 1955-56 and ... Whether Tribunal was right in holding that the income from interest which had accrued to the respondent on the compensation payable to him in view of the acquisition of land belonging to him for the assessment years 1955-56 and 1956-57 should be spread over the respective years to the extent to which it could be deemed to have accrued in those years - mercantile system of account was the basis on which the interest income accrued, the HC was right in answering the question in assessee's favour The Supreme Court dismissed the appeals regarding the income tax treatment of interest accrued on compensation for land acquisition for assessment years 1955-56 and 1956-57. The Income-tax Appellate Tribunal's decision to spread the income over the respective years was upheld. The High Court ruled in favor of the assessee, and the appeals were dismissed with no order as to costs.
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