https://www.taxtmi.com/caselaws?id=435592 Amounts awarded under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for acquired agricultural land are treated as an accretion to compensation, not as interest income from other sources. The Tribunal applied the settled principle that such receipts fall within the compensation scheme under section 45(5) of the Income-tax Act, 1961 and are taxable accordingly on receipt, while section 56 does not apply where the substance of the receipt is compensation. On that basis, the addition made by the tax authorities was deleted. en-us Fri, 17 Mar 2023 00:00:00 +0530 Thu, 23 Mar 2023 08:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435592 Amounts awarded under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for acquired agricultural land are treated as an accretion to compensation, not as interest income from other sources. The Tribunal applied the settled principle that such receipts fall within the compensation scheme under section 45(5) of the Income-tax Act, 1961 and are taxable accordingly on receipt, while section 56 does not apply where the substance of the receipt is compensation. On that basis, the addition made by the tax authorities was deleted. Case-Laws Income Tax Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435592