https://www.taxtmi.com/caselaws?id=66630 The Tribunal held that the reopening of assessment under section 147 for the assessment year 1966-67 to tax compensation received for land acquisition was invalid as the escaped income was below Rs. 50,000. The taxability of enhanced compensation and severance compensation was analyzed, with the Tribunal deeming them assessable in specific assessment years based on legal precedents. The treatment of interest on enhanced compensation was clarified, with the interest awarded in 1972 held assessable in the subsequent assessment year. The decision emphasized the timing of accrual and taxability of components related to land acquisition compensation in accordance with legal principles and precedents. en-us Wed, 26 Aug 1987 00:00:00 +0530 Sat, 05 Mar 2011 12:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66630 The Tribunal held that the reopening of assessment under section 147 for the assessment year 1966-67 to tax compensation received for land acquisition was invalid as the escaped income was below Rs. 50,000. The taxability of enhanced compensation and severance compensation was analyzed, with the Tribunal deeming them assessable in specific assessment years based on legal precedents. The treatment of interest on enhanced compensation was clarified, with the interest awarded in 1972 held assessable in the subsequent assessment year. The decision emphasized the timing of accrual and taxability of components related to land acquisition compensation in accordance with legal principles and precedents. Case-Laws Income Tax Wed, 26 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66630