https://www.taxtmi.com/caselaws?id=240473 Enhanced compensation and interest on enhanced compensation were examined in reassessment and revision proceedings arising from land acquisition receipts. The Tribunal held that the Assessing Officer's acceptance of the return was not erroneous or prejudicial to the revenue because it followed binding jurisdictional and Supreme Court rulings that compensation becomes taxable only when the dispute is finally settled, and interest on enhanced compensation is part of that compensation. The reopening under section 148 was found valid on recorded reasons and due approval, but revision under section 263 was quashed because the original assessment was consistent with the applicable precedents. The appeal was allowed and the revisionary order set aside. en-us Thu, 28 Nov 2013 00:00:00 +0530 Thu, 05 Dec 2013 07:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240473 Enhanced compensation and interest on enhanced compensation were examined in reassessment and revision proceedings arising from land acquisition receipts. The Tribunal held that the Assessing Officer's acceptance of the return was not erroneous or prejudicial to the revenue because it followed binding jurisdictional and Supreme Court rulings that compensation becomes taxable only when the dispute is finally settled, and interest on enhanced compensation is part of that compensation. The reopening under section 148 was found valid on recorded reasons and due approval, but revision under section 263 was quashed because the original assessment was consistent with the applicable precedents. The appeal was allowed and the revisionary order set aside. Case-Laws Income Tax Thu, 28 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240473