Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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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