https://www.taxtmi.com/caselaws?id=307145 Interest received under section 28 of the Land Acquisition Act, 1894 is treated as part of enhanced compensation, not as interest assessable under section 56(2)(viii) of the Income-tax Act, 1961, because section 28 operates as an accretion to compensation rather than compensation for delay. On the facts, the land acquisition authority's certificate supported that characterisation, so the revenue's treatment under section 56(2)(viii) and section 145A(b) was not justified. The alleged unexplained capital mismatch was also explained by the corrected balance sheet and ledger reconciliation, as the capital balance stood supported by the record. Both additions were therefore deleted. en-us Tue, 28 Jun 2022 00:00:00 +0530 Tue, 21 Mar 2023 20:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307145 Interest received under section 28 of the Land Acquisition Act, 1894 is treated as part of enhanced compensation, not as interest assessable under section 56(2)(viii) of the Income-tax Act, 1961, because section 28 operates as an accretion to compensation rather than compensation for delay. On the facts, the land acquisition authority's certificate supported that characterisation, so the revenue's treatment under section 56(2)(viii) and section 145A(b) was not justified. The alleged unexplained capital mismatch was also explained by the corrected balance sheet and ledger reconciliation, as the capital balance stood supported by the record. Both additions were therefore deleted. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307145