https://www.taxtmi.com/caselaws?id=306873 Interest on delayed payment of enhanced compensation for acquired land was treated as a revenue receipt, not exempt agricultural income, and held taxable as income from other sources under Section 56 of the Income-tax Act, 1961, in the year of receipt. The payer's deduction of tax at source was therefore upheld as lawful. On maintainability, the court held that writ relief was inappropriate because the petitioners had an efficacious statutory remedy: the deducted tax could be adjusted against their tax liability in returns, and any excess could be claimed as refund under the Act. The challenge to tax deduction at source was rejected, while the petitioners' right to seek adjustment or refund was preserved. en-us Fri, 06 Sep 2013 00:00:00 +0530 Fri, 03 Mar 2023 12:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306873 Interest on delayed payment of enhanced compensation for acquired land was treated as a revenue receipt, not exempt agricultural income, and held taxable as income from other sources under Section 56 of the Income-tax Act, 1961, in the year of receipt. The payer's deduction of tax at source was therefore upheld as lawful. On maintainability, the court held that writ relief was inappropriate because the petitioners had an efficacious statutory remedy: the deducted tax could be adjusted against their tax liability in returns, and any excess could be claimed as refund under the Act. The challenge to tax deduction at source was rejected, while the petitioners' right to seek adjustment or refund was preserved. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306873