Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
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The ITAT affirmed that interest paid as enhanced compensation under the Land Acquisition Act is taxable as income from other sources under s.56(2)(viii) of the Act. Applying precedent and consistent with a coordinate bench decision, the Tribunal found no legal infirmity in the assessment authority's classification of such interest as taxable income; the assessee's appeal was therefore dismissed. The Tribunal declined interference with the impugned order, emphasizing legislative intent and the applicable factual and legal matrix, thereby confirming the revenue's position that compensation-related interest constitutes taxable income and is chargeable to tax accordingly.
The ITAT affirmed that interest paid as enhanced compensation under the Land Acquisition Act is taxable as income from other sources under s.56(2)(viii) of the Act. Applying precedent and consistent with a coordinate bench decision, the Tribunal found no legal infirmity in the assessment authority's classification of such interest as taxable income; the assessee's appeal was therefore dismissed. The Tribunal declined interference with the impugned order, emphasizing legislative intent and the applicable factual and legal matrix, thereby confirming the revenue's position that compensation-related interest constitutes taxable income and is chargeable to tax accordingly.
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