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The ITAT allowed the assessee's appeal regarding the interest component of land acquisition compensation under section 28 of the Land Acquisition Act, 1894. Contrary to the department's reliance on recent High Court rulings treating such interest as income from "other" sources, the tribunal distinguished those precedents in light of its own decision. It held that the interest awarded under section 28 is an integral part of the enhanced compensation and therefore exempt under section 10(37) of the Income Tax Act. Consequently, the interest component is not taxable as income, affirming the assessee's entitlement to exemption on the entire compensation amount, including interest.
The ITAT allowed the assessee's appeal regarding the interest component of land acquisition compensation under section 28 of the Land Acquisition Act, 1894. Contrary to the department's reliance on recent High Court rulings treating such interest as income from "other" sources, the tribunal distinguished those precedents in light of its own decision. It held that the interest awarded under section 28 is an integral part of the enhanced compensation and therefore exempt under section 10(37) of the Income Tax Act. Consequently, the interest component is not taxable as income, affirming the assessee's entitlement to exemption on the entire compensation amount, including interest.
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