https://www.taxtmi.com/caselaws?id=755281 Interest received on compensation or enhanced compensation under section 28 of the Land Acquisition Act is taxable, after the post-amendment scheme of the Income-tax Act, as income from other sources in the year of receipt; the earlier Ghanshyam HUF view does not apply to that regime. An assessment that ignores this binding legal position is erroneous and prejudicial to the interests of revenue, so revision under section 263 is valid where the statutory conditions, including the deeming provision in Explanation 2, are met. The assessee therefore obtained no relief. en-us Fri, 28 Jun 2024 00:00:00 +0530 Tue, 09 Jul 2024 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755281 Interest received on compensation or enhanced compensation under section 28 of the Land Acquisition Act is taxable, after the post-amendment scheme of the Income-tax Act, as income from other sources in the year of receipt; the earlier Ghanshyam HUF view does not apply to that regime. An assessment that ignores this binding legal position is erroneous and prejudicial to the interests of revenue, so revision under section 263 is valid where the statutory conditions, including the deeming provision in Explanation 2, are met. The assessee therefore obtained no relief. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755281