Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
HC held that interest awarded in motor accident claim cases from the date of claim petition until award or appellate judgment is not taxable income. The compensatory interest, integral to calculating just compensation, does not constitute chargeable income under Income Tax Act. Sections 56(2)(viii), 145B(1), and 194A do not alter the non-taxable nature of such interest. The interest, being compensatory and linked to delayed computation of compensation, remains exempt from taxation. The ruling aligns with Supreme Court precedents interpreting the compensatory character of such interest awards in motor vehicle accident compensation cases.
HC held that interest awarded in motor accident claim cases from the date of claim petition until award or appellate judgment is not taxable income. The compensatory interest, integral to calculating just compensation, does not constitute chargeable income under Income Tax Act. Sections 56(2)(viii), 145B(1), and 194A do not alter the non-taxable nature of such interest. The interest, being compensatory and linked to delayed computation of compensation, remains exempt from taxation. The ruling aligns with Supreme Court precedents interpreting the compensatory character of such interest awards in motor vehicle accident compensation cases.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
