https://www.taxtmi.com/caselaws?id=28481 Interest received under section 28 of the Land Acquisition Act on enhanced compensation is taxable as revenue income, not as a capital receipt, because its character is not altered by its link to compulsory acquisition proceedings. The amount is assessable in full in the assessment year of receipt and cannot be spread proportionately over earlier years merely because it relates to a prior period. The assessee's accounting method, and any treatment adopted in later assessment years, does not control the taxability of the amount in the relevant year, since each assessment year is a separate unit and there is no estoppel in income-tax law. en-us Wed, 03 Nov 1982 00:00:00 +0530 Tue, 23 Feb 2010 10:14:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28481 Interest received under section 28 of the Land Acquisition Act on enhanced compensation is taxable as revenue income, not as a capital receipt, because its character is not altered by its link to compulsory acquisition proceedings. The amount is assessable in full in the assessment year of receipt and cannot be spread proportionately over earlier years merely because it relates to a prior period. The assessee's accounting method, and any treatment adopted in later assessment years, does not control the taxability of the amount in the relevant year, since each assessment year is a separate unit and there is no estoppel in income-tax law. Case-Laws Income Tax Wed, 03 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28481