Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
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