https://www.taxtmi.com/caselaws?id=753245 Interest received under section 28 of the Land Acquisition Act, 1894 on enhanced compensation was treated as not taxable as interest income under the Income-tax Act, 1961, following binding jurisdictional precedent, and the corresponding addition was deleted. Interest from fixed deposits kept against a joint bank guarantee was attributed to the assessee rather than his sister because the sister had not disclosed that income in her return and the material did not support shifting the accrual to her. The addition on that issue was sustained. The matter therefore resulted in partial relief, with one addition deleted and the remaining addition upheld. en-us Mon, 27 May 2024 00:00:00 +0530 Wed, 29 May 2024 08:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753245 Interest received under section 28 of the Land Acquisition Act, 1894 on enhanced compensation was treated as not taxable as interest income under the Income-tax Act, 1961, following binding jurisdictional precedent, and the corresponding addition was deleted. Interest from fixed deposits kept against a joint bank guarantee was attributed to the assessee rather than his sister because the sister had not disclosed that income in her return and the material did not support shifting the accrual to her. The addition on that issue was sustained. The matter therefore resulted in partial relief, with one addition deleted and the remaining addition upheld. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753245