Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
ITAT followed HC decision reversing its earlier erroneous ruling that interest on enhanced compensation for agricultural land acquisition was non-taxable. The HC held that ITAT incorrectly applied pre-2010 law, ignoring legislative amendments under Finance (No.2) Act, 2009 effective 2010. The 2010 amendment under sections 145B, 45(5), and 56(2)(viii) constituted conscious legislative departure from earlier position, making interest on both compensation and enhanced compensation taxable as income from other sources. ITAT's reliance on pre-amendment precedent was legally unsustainable given statutory changes. HC answered substantial question of law affirmatively favoring Revenue, holding interest on enhanced compensation exigible to income tax under amended provisions. Revenue's appeal was allowed.
ITAT followed HC decision reversing its earlier erroneous ruling that interest on enhanced compensation for agricultural land acquisition was non-taxable. The HC held that ITAT incorrectly applied pre-2010 law, ignoring legislative amendments under Finance (No.2) Act, 2009 effective 2010. The 2010 amendment under sections 145B, 45(5), and 56(2)(viii) constituted conscious legislative departure from earlier position, making interest on both compensation and enhanced compensation taxable as income from other sources. ITAT's reliance on pre-amendment precedent was legally unsustainable given statutory changes. HC answered substantial question of law affirmatively favoring Revenue, holding interest on enhanced compensation exigible to income tax under amended provisions. Revenue's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
