https://www.taxtmi.com/caselaws?id=756783 ITAT Pune held that interest granted under section 28 of Land Acquisition Act on enhanced compensation from date of possession until HC judgment constitutes part of compensation and is not taxable. The tribunal ruled that such interest represents accretion of land value rather than taxable interest under sections 145A(b) and 56(2)(viii). Following Bombay HC precedent, amendments to sections 145A and 56(2) were deemed inapplicable. The AO's addition under section 56 was deleted, and CIT(A)'s confirmation was overturned. Assessee's grounds were allowed. en-us Wed, 08 Feb 2023 00:00:00 +0530 Mon, 12 Aug 2024 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756783 ITAT Pune held that interest granted under section 28 of Land Acquisition Act on enhanced compensation from date of possession until HC judgment constitutes part of compensation and is not taxable. The tribunal ruled that such interest represents accretion of land value rather than taxable interest under sections 145A(b) and 56(2)(viii). Following Bombay HC precedent, amendments to sections 145A and 56(2) were deemed inapplicable. The AO's addition under section 56 was deleted, and CIT(A)'s confirmation was overturned. Assessee's grounds were allowed. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756783