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...
Interest received on enhanced compensation for compulsory acquisition of rural agricultural land, though described as interest under s.28 of the Land Acquisition Act, was held to be taxable as "Income from Other Sources" under s.56(2)(viii) and chargeable in the year of receipt under s.145B(1), rather than forming part of exempt compensation under s.10(37). The plea that such interest is inseparable from compensation and therefore exempt was rejected as contrary to the statutory scheme and the settled co-ordinate bench view in an identical fact pattern. Consequently, the addition was sustained and the appeal was dismissed. - ITAT
Interest received on enhanced compensation for compulsory acquisition of rural agricultural land, though described as interest under s.28 of the Land Acquisition Act, was held to be taxable as "Income from Other Sources" under s.56(2)(viii) and chargeable in the year of receipt under s.145B(1), rather than forming part of exempt compensation under s.10(37). The plea that such interest is inseparable from compensation and therefore exempt was rejected as contrary to the statutory scheme and the settled co-ordinate bench view in an identical fact pattern. Consequently, the addition was sustained and the appeal was dismissed. - ITAT
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