https://www.taxtmi.com/caselaws?id=457067 The ITAT Pune rejected the assessee's appeal regarding addition under section 56(2)(viii) and reassessment under section 147. The assessee claimed exemption from interest income assessment under RFCTLAAR Act 2013 and CBDT circular 36/2016, but the tribunal found no merit as the land acquisition and enhanced compensation occurred before the Act's enactment in AY 2013-14. The tribunal also dismissed challenges to the reassessment proceedings, noting the original return was processed before the section 148 notice, and no section 143(2) notice was required. The decision favored the Revenue, following precedent from the jurisdictional HC's Aurangabad bench. en-us Fri, 18 Aug 2023 00:00:00 +0530 Wed, 04 Sep 2024 20:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457067 The ITAT Pune rejected the assessee's appeal regarding addition under section 56(2)(viii) and reassessment under section 147. The assessee claimed exemption from interest income assessment under RFCTLAAR Act 2013 and CBDT circular 36/2016, but the tribunal found no merit as the land acquisition and enhanced compensation occurred before the Act's enactment in AY 2013-14. The tribunal also dismissed challenges to the reassessment proceedings, noting the original return was processed before the section 148 notice, and no section 143(2) notice was required. The decision favored the Revenue, following precedent from the jurisdictional HC's Aurangabad bench. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457067