PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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ITAT upheld the addition made under the head "Income from other sources" in respect of interest received under s.28 of the Land Acquisition Act, treating it as taxable u/s 56(2)(viii) read with s.145B(1) for the post-01.04.2010 assessment year in question. The agricultural land compensation itself remained exempt u/s 10(37), but the interest component was held separately chargeable on receipt basis. ITAT ruled that earlier Supreme Court jurisprudence characterising such interest as part of compensation applied only to the pre-amendment regime and cannot override the explicit charging provisions inserted by the Finance Act, 2010. Arguments based on Hari Singh, Braham Prakash and the per incuriam doctrine were rejected, and the High Court decisions upholding post-amendment taxability were followed. The assessee's appeal was dismissed.
ITAT upheld the addition made under the head "Income from other sources" in respect of interest received under s.28 of the Land Acquisition Act, treating it as taxable u/s 56(2)(viii) read with s.145B(1) for the post-01.04.2010 assessment year in question. The agricultural land compensation itself remained exempt u/s 10(37), but the interest component was held separately chargeable on receipt basis. ITAT ruled that earlier Supreme Court jurisprudence characterising such interest as part of compensation applied only to the pre-amendment regime and cannot override the explicit charging provisions inserted by the Finance Act, 2010. Arguments based on Hari Singh, Braham Prakash and the per incuriam doctrine were rejected, and the High Court decisions upholding post-amendment taxability were followed. The assessee's appeal was dismissed.
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