https://www.taxtmi.com/caselaws?id=175802 Interest statutorily payable under section 34 of the Land Acquisition Act, 1894, for delayed payment of compensation is not part of the capital value of the acquired land. It is a statutory amount for the use or withholding of money after possession is taken, bears the character of income, and is therefore a revenue receipt chargeable to tax. The amount is also not exempt as casual or non-recurring income because it arises whenever compensation remains unpaid under the statutory scheme. Accordingly, the receipt was treated as taxable income rather than a capital receipt. en-us Wed, 31 Jan 1962 00:00:00 +0530 Sat, 05 Dec 2015 12:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175802 Interest statutorily payable under section 34 of the Land Acquisition Act, 1894, for delayed payment of compensation is not part of the capital value of the acquired land. It is a statutory amount for the use or withholding of money after possession is taken, bears the character of income, and is therefore a revenue receipt chargeable to tax. The amount is also not exempt as casual or non-recurring income because it arises whenever compensation remains unpaid under the statutory scheme. Accordingly, the receipt was treated as taxable income rather than a capital receipt. Case-Laws Income Tax Wed, 31 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175802