Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Interest received on enhanced compensation u/s 56(2)(viii) is taxable as income from other sources and not under capital gains. The Punjab & Haryana High Court's decision in Mahender Pal Narang case that interest on compensation is taxable as income from other sources is binding on tax authorities in that jurisdiction. The PCIT rightly relied on this subsequent case law. The 2010 amendment to Sections 56(2)(viii) and 57(iv) was a conscious legislative departure from the earlier position. Interest, whether on compensation or enhanced compensation, is exigible to income tax under income from other sources as per the plain language of these provisions. The Supreme Court's decision in Sham Lal Narula that interest u/s 28 of Land Acquisition Act is not compensation still holds good. The Ghanshyam HUF case is not applicable after the 2010 amendment. The assessment order not following the jurisdictional High Court's binding precedent was erroneous and prejudicial to revenue.
Interest received on enhanced compensation u/s 56(2)(viii) is taxable as income from other sources and not under capital gains. The Punjab & Haryana High Court's decision in Mahender Pal Narang case that interest on compensation is taxable as income from other sources is binding on tax authorities in that jurisdiction. The PCIT rightly relied on this subsequent case law. The 2010 amendment to Sections 56(2)(viii) and 57(iv) was a conscious legislative departure from the earlier position. Interest, whether on compensation or enhanced compensation, is exigible to income tax under income from other sources as per the plain language of these provisions. The Supreme Court's decision in Sham Lal Narula that interest u/s 28 of Land Acquisition Act is not compensation still holds good. The Ghanshyam HUF case is not applicable after the 2010 amendment. The assessment order not following the jurisdictional High Court's binding precedent was erroneous and prejudicial to revenue.
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