https://www.taxtmi.com/caselaws?id=751699 Interest received on enhanced compensation under section 28 of the Land Acquisition Act, 1894 was treated as taxable income from other sources under section 56(2)(viii) of the Income-tax Act, 1961, with the corresponding deduction mechanism under section 57(iv). The later statutory provision was applied despite earlier authority treating section 28 interest as part of compensation, because a receipt may remain capital in character yet still be taxed by legislative fiction. On that basis, the assessment could not be said to contain a mistake apparent from the record, so rectification under section 154 was not justified and the assessee's claim for exemption failed. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:12:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751699 Interest received on enhanced compensation under section 28 of the Land Acquisition Act, 1894 was treated as taxable income from other sources under section 56(2)(viii) of the Income-tax Act, 1961, with the corresponding deduction mechanism under section 57(iv). The later statutory provision was applied despite earlier authority treating section 28 interest as part of compensation, because a receipt may remain capital in character yet still be taxed by legislative fiction. On that basis, the assessment could not be said to contain a mistake apparent from the record, so rectification under section 154 was not justified and the assessee's claim for exemption failed. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751699