https://www.taxtmi.com/caselaws?id=765491 Interest received under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for compulsory acquisition of agricultural land is treated, after the 01.04.2010 amendment, as income from other sources under section 56(2)(viii) and deemed taxable in the year of receipt under section 145B(1). The exemption under section 10(37) is confined to capital gains arising from compulsory acquisition of agricultural land and does not extend to such interest. On this statutory scheme and binding High Court authorities, the Assessing Officer's view treating the interest as exempt was erroneous and prejudicial to the Revenue, so the revisional order under section 263 directing recomputation was sustainable. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765491 Interest received under section 28 of the Land Acquisition Act, 1894 on enhanced compensation for compulsory acquisition of agricultural land is treated, after the 01.04.2010 amendment, as income from other sources under section 56(2)(viii) and deemed taxable in the year of receipt under section 145B(1). The exemption under section 10(37) is confined to capital gains arising from compulsory acquisition of agricultural land and does not extend to such interest. On this statutory scheme and binding High Court authorities, the Assessing Officer's view treating the interest as exempt was erroneous and prejudicial to the Revenue, so the revisional order under section 263 directing recomputation was sustainable. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765491