https://www.taxtmi.com/caselaws?id=753470 Delhi HC upheld ITAT's decision that interest received on principal amount deposited by successful auction bidder was capital receipt and not taxable under Section 56(2)(viii). The amount was deposited for land purchase but returned following Punjab & Haryana HC's auction cancellation order. Court held the principal was not compensation but bidder's entitlement being returned, making accrued interest capital receipt rather than revenue receipt, thus not subject to tax. en-us Thu, 30 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753470 Delhi HC upheld ITAT's decision that interest received on principal amount deposited by successful auction bidder was capital receipt and not taxable under Section 56(2)(viii). The amount was deposited for land purchase but returned following Punjab & Haryana HC's auction cancellation order. Court held the principal was not compensation but bidder's entitlement being returned, making accrued interest capital receipt rather than revenue receipt, thus not subject to tax. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753470