https://www.taxtmi.com/caselaws?id=373903 Interest received on compensation or enhanced compensation under the Land Acquisition Act, 1894 is treated as a revenue receipt, not as part of the compensation itself, and is taxable in the year of receipt as income from other sources. The Finance (No. 2) Act, 2009 introduced Section 145A(b) and Section 56(2)(viii) of the Income-tax Act, 1961 to make such interest chargeable to tax on receipt, while Section 57(iv) allows deduction of 50% of that income. The authorities applied these provisions to the interest amount received by the assessee and treated it as taxable accordingly. en-us Mon, 19 Nov 2018 00:00:00 +0530 Tue, 30 Jul 2019 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373903 Interest received on compensation or enhanced compensation under the Land Acquisition Act, 1894 is treated as a revenue receipt, not as part of the compensation itself, and is taxable in the year of receipt as income from other sources. The Finance (No. 2) Act, 2009 introduced Section 145A(b) and Section 56(2)(viii) of the Income-tax Act, 1961 to make such interest chargeable to tax on receipt, while Section 57(iv) allows deduction of 50% of that income. The authorities applied these provisions to the interest amount received by the assessee and treated it as taxable accordingly. Case-Laws Income Tax Mon, 19 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373903