https://www.taxtmi.com/caselaws?id=313877 Interest awarded under section 28 of the Land Acquisition Act, 1894 on compensation was treated as not taxable as income from other sources under section 56(2)(viii) of the Income-tax Act, 1961. The Tribunal noted the competing authorities on the tax character of such interest, including the effect of sections 56(2)(viii) and 145B(1), but applied the binding jurisdictional High Court precedent governing the assessee's territorial facts. On that basis, the contrary Revenue view was not followed, and the interest remained outside tax in the assessee's hands unless the controlling precedent is reversed or modified. en-us Thu, 27 Apr 2023 00:00:00 +0530 Mon, 06 May 2024 20:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313877 Interest awarded under section 28 of the Land Acquisition Act, 1894 on compensation was treated as not taxable as income from other sources under section 56(2)(viii) of the Income-tax Act, 1961. The Tribunal noted the competing authorities on the tax character of such interest, including the effect of sections 56(2)(viii) and 145B(1), but applied the binding jurisdictional High Court precedent governing the assessee's territorial facts. On that basis, the contrary Revenue view was not followed, and the interest remained outside tax in the assessee's hands unless the controlling precedent is reversed or modified. Case-Laws Income Tax Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313877