Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT held that interest received on enhanced compensation for compulsory acquisition of land u/s 28 of the Land Acquisition Act, 1894 is taxable as 'Income from Other Sources' u/s 56(2)(viii) of the Income Tax Act. This is in line with the Delhi HC's decision in PCIT vs. Inderjit Singh Sodhi HUF, distinguishing the Supreme Court's ruling in CIT vs. Ghanshyam HUF which treated such interest as capital gains. The assessee's claim for exemption u/s 10(37) was rejected.
The ITAT held that interest received on enhanced compensation for compulsory acquisition of land u/s 28 of the Land Acquisition Act, 1894 is taxable as 'Income from Other Sources' u/s 56(2)(viii) of the Income Tax Act. This is in line with the Delhi HC's decision in PCIT vs. Inderjit Singh Sodhi HUF, distinguishing the Supreme Court's ruling in CIT vs. Ghanshyam HUF which treated such interest as capital gains. The assessee's claim for exemption u/s 10(37) was rejected.
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