https://www.taxtmi.com/caselaws?id=752290 Interest awarded under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for compulsory acquisition of agricultural land was examined for taxability under the Income-tax Act, 1961. The Tribunal considered the competing views on whether such interest forms part of compensation or is separately assessable as income from other sources under section 56(2)(viii), and the effect of section 145A. Applying the jurisdictional High Court's binding view and the coordinate bench decision following it, the receipt was treated as not exigible to tax in the assessee's hands, and the addition was deleted. en-us Fri, 03 May 2024 00:00:00 +0530 Mon, 06 May 2024 20:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752290 Interest awarded under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for compulsory acquisition of agricultural land was examined for taxability under the Income-tax Act, 1961. The Tribunal considered the competing views on whether such interest forms part of compensation or is separately assessable as income from other sources under section 56(2)(viii), and the effect of section 145A. Applying the jurisdictional High Court's binding view and the coordinate bench decision following it, the receipt was treated as not exigible to tax in the assessee's hands, and the addition was deleted. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752290