Notification No. 12/97-Customs(N.T.) amendment adds Malur Inland Container Depot in Karnataka to authorized locations for import unloading and export ...
Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
ITAT held that interest received by the assessee on enhanced compensation consequent to compulsory acquisition does not constitute taxable income under s.56(2)(viii) read with s.145B(1); the Assessing Officer's inclusion of 50% of such interest as income was set aside. Noting divergent High Court rulings, the Tribunal, guided by prevailing Supreme Court principle favoring the assessee where conflicts exist, aligned with the decisions favorable to the assessee and allowed the appeal. Assessment treating the disputed interest as income was therefore reversed and the matter remitted/treated in accordance with this determination.
ITAT held that interest received by the assessee on enhanced compensation consequent to compulsory acquisition does not constitute taxable income under s.56(2)(viii) read with s.145B(1); the Assessing Officer's inclusion of 50% of such interest as income was set aside. Noting divergent High Court rulings, the Tribunal, guided by prevailing Supreme Court principle favoring the assessee where conflicts exist, aligned with the decisions favorable to the assessee and allowed the appeal. Assessment treating the disputed interest as income was therefore reversed and the matter remitted/treated in accordance with this determination.
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