https://www.taxtmi.com/caselaws?id=763847 The ITAT Delhi dismissed the assessee's appeal, upholding the CIT(A)'s decision to classify interest income received on compensation under Section 28 of the Land Acquisition Act, 1894, as "Income from Other Sources." The assessee's argument for exemption under Section 10(37) of the Income Tax Act, 1961, was rejected. The tribunal relied on the Finance (No.2) Act 2009, which amended Section 56(2) to specify that such interest is taxable. The decision was consistent with precedents set by the Punjab and Haryana HC and the jurisdictional HC. en-us Fri, 27 Dec 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763847 The ITAT Delhi dismissed the assessee's appeal, upholding the CIT(A)'s decision to classify interest income received on compensation under Section 28 of the Land Acquisition Act, 1894, as "Income from Other Sources." The assessee's argument for exemption under Section 10(37) of the Income Tax Act, 1961, was rejected. The tribunal relied on the Finance (No.2) Act 2009, which amended Section 56(2) to specify that such interest is taxable. The decision was consistent with precedents set by the Punjab and Haryana HC and the jurisdictional HC. Case-Laws Income Tax Fri, 27 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763847