https://www.taxtmi.com/caselaws?id=768033 After the 2010 amendment, interest on compensation or enhanced compensation for compulsory acquisition is brought to tax as income from other sources under section 56(2)(viii) and is deemed income of the year of receipt under section 145B(1). Section 10(37) applies to capital gains from transfer of agricultural land and does not exempt such interest. A tax assessment allowing exemption on an incorrect reading of the amended law and without proper inquiry into binding precedent is treated as erroneous and prejudicial to the revenue, supporting revision under section 263. en-us Tue, 25 Mar 2025 00:00:00 +0530 Sat, 29 Mar 2025 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768033 After the 2010 amendment, interest on compensation or enhanced compensation for compulsory acquisition is brought to tax as income from other sources under section 56(2)(viii) and is deemed income of the year of receipt under section 145B(1). Section 10(37) applies to capital gains from transfer of agricultural land and does not exempt such interest. A tax assessment allowing exemption on an incorrect reading of the amended law and without proper inquiry into binding precedent is treated as erroneous and prejudicial to the revenue, supporting revision under section 263. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768033