Government appoints National Customs Targeting Centre-Passenger director as customs officer with powers under PNR Regulations, 2022 and Sections 30A, ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
