https://www.taxtmi.com/caselaws?id=351343 The High Court held that the interest received by the assessee was deemed income for the current year, following the Supreme Court's decision in *Commissioner of Income Tax, Faridabad vs. Ghanshyam (HUF)*. The Court ruled in favor of the department, restoring the Assessing Officer's order and overturning the decisions of the CIT(A) and Tribunal. It was determined that if the assessee loses the case, the payment will be considered as set-off expenses. The Court also emphasized the applicability of Section 155(16) of the Income Tax Act, allowing for reassessment if the compensation is reduced by any court or authority. en-us Tue, 12 Sep 2017 00:00:00 +0530 Thu, 23 Nov 2017 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351343 The High Court held that the interest received by the assessee was deemed income for the current year, following the Supreme Court's decision in *Commissioner of Income Tax, Faridabad vs. Ghanshyam (HUF)*. The Court ruled in favor of the department, restoring the Assessing Officer's order and overturning the decisions of the CIT(A) and Tribunal. It was determined that if the assessee loses the case, the payment will be considered as set-off expenses. The Court also emphasized the applicability of Section 155(16) of the Income Tax Act, allowing for reassessment if the compensation is reduced by any court or authority. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351343