Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
