https://www.taxtmi.com/caselaws?id=763124 Interest on enhanced compensation received on acquisition of land is stated to be taxable as income from other sources under section 56(2)(viii), following the statutory position introduced by the Finance (No. 2) Act, 2009, and it is not exempt under section 10(37). On that footing, an assessment order treating such receipt as exempt was considered contrary to binding law and therefore erroneous and prejudicial to the Revenue. The Principal Commissioner's invocation of section 263 to revise the assessment and direct a fresh assessment was accordingly upheld. en-us Tue, 10 Dec 2024 00:00:00 +0530 Thu, 12 Dec 2024 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763124 Interest on enhanced compensation received on acquisition of land is stated to be taxable as income from other sources under section 56(2)(viii), following the statutory position introduced by the Finance (No. 2) Act, 2009, and it is not exempt under section 10(37). On that footing, an assessment order treating such receipt as exempt was considered contrary to binding law and therefore erroneous and prejudicial to the Revenue. The Principal Commissioner's invocation of section 263 to revise the assessment and direct a fresh assessment was accordingly upheld. Case-Laws Income Tax Tue, 10 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763124