Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
The tribunal affirmed that interest on enhanced compensation awarded under section 28 of the Land Acquisition Act constitutes income from other sources, taxable under the amended provisions introduced by the Finance (No. 2) Act, 2009. The amendment represents a deliberate legislative change, rendering prior judicial interpretations inapplicable. The ITAT's reliance on pre-amendment precedent was held erroneous. The court upheld the amendment's validity and clarity, rejecting any ambiguity or challenge to its vires. Consequently, the substantial question of law was decided in favor of the Revenue, confirming the taxability of such interest income. The assessee's appeal was dismissed, reinforcing the amended statutory framework governing the assessment of interest on compensation under the Act.
The tribunal affirmed that interest on enhanced compensation awarded under section 28 of the Land Acquisition Act constitutes income from other sources, taxable under the amended provisions introduced by the Finance (No. 2) Act, 2009. The amendment represents a deliberate legislative change, rendering prior judicial interpretations inapplicable. The ITAT's reliance on pre-amendment precedent was held erroneous. The court upheld the amendment's validity and clarity, rejecting any ambiguity or challenge to its vires. Consequently, the substantial question of law was decided in favor of the Revenue, confirming the taxability of such interest income. The assessee's appeal was dismissed, reinforcing the amended statutory framework governing the assessment of interest on compensation under the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
