https://www.taxtmi.com/caselaws?id=29205 Statutory interest under section 34 of the Land Acquisition Act is a separate right from compensation and accrues from the date of dispossession until compensation is paid or deposited. Because income-tax charges income on accrual, not merely on receipt, such interest is attributable to successive years during which the landowner is kept out of the money. The later quantification and payment of the total amount do not defer accrual to the receipt year. Accordingly, only the proportionate interest referable to the relevant previous year is taxable in that year. en-us Tue, 12 May 1981 00:00:00 +0530 Thu, 11 Mar 2010 13:50:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29205 Statutory interest under section 34 of the Land Acquisition Act is a separate right from compensation and accrues from the date of dispossession until compensation is paid or deposited. Because income-tax charges income on accrual, not merely on receipt, such interest is attributable to successive years during which the landowner is kept out of the money. The later quantification and payment of the total amount do not defer accrual to the receipt year. Accordingly, only the proportionate interest referable to the relevant previous year is taxable in that year. Case-Laws Income Tax Tue, 12 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29205