https://www.taxtmi.com/caselaws?id=465263 ITAT set aside the revisionary order u/s 263, holding that the reassessment framed u/s 147 r/w s.144B was neither erroneous nor prejudicial to the interests of Revenue. The AO had conducted adequate inquiry u/s 142(1) regarding interest on enhanced compensation for compulsory acquisition of agricultural land and, following binding HC precedent, treated interest u/s 28 as part of the compensation, outside the ambit of s.56(2)(viii) r/w s.145B. ITAT further noted that the compensation, enhanced compensation and related interest had already been taxed in the hands of a co-owner, and taxing the same in the assessee's hands would result in impermissible double taxation. The assessee's appeal was allowed. en-us Wed, 27 Aug 2025 00:00:00 +0530 Fri, 12 Dec 2025 20:19:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465263 ITAT set aside the revisionary order u/s 263, holding that the reassessment framed u/s 147 r/w s.144B was neither erroneous nor prejudicial to the interests of Revenue. The AO had conducted adequate inquiry u/s 142(1) regarding interest on enhanced compensation for compulsory acquisition of agricultural land and, following binding HC precedent, treated interest u/s 28 as part of the compensation, outside the ambit of s.56(2)(viii) r/w s.145B. ITAT further noted that the compensation, enhanced compensation and related interest had already been taxed in the hands of a co-owner, and taxing the same in the assessee's hands would result in impermissible double taxation. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 27 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465263