https://www.taxtmi.com/caselaws?id=208401 Interest received on enhanced compensation was held taxable on receipt where the assessee did not maintain books under any specific method, so the case was treated as cash system accounting. The Court applied Section 45(5)(b) of the Income-tax Act, 1961 to treat interest awarded on enhanced compensation as partaking the character of compensation and therefore taxable in the year of receipt. Interest under Section 28 of the Land Acquisition Act, 1894 was also held assessable as income from other sources under Section 56 of the Income-tax Act, 1961 in the year of receipt. The issue was answered in favour of the Revenue. en-us Thu, 24 Feb 2011 00:00:00 +0530 Sat, 14 Jan 2012 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208401 Interest received on enhanced compensation was held taxable on receipt where the assessee did not maintain books under any specific method, so the case was treated as cash system accounting. The Court applied Section 45(5)(b) of the Income-tax Act, 1961 to treat interest awarded on enhanced compensation as partaking the character of compensation and therefore taxable in the year of receipt. Interest under Section 28 of the Land Acquisition Act, 1894 was also held assessable as income from other sources under Section 56 of the Income-tax Act, 1961 in the year of receipt. The issue was answered in favour of the Revenue. Case-Laws Income Tax Thu, 24 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208401