https://www.taxtmi.com/caselaws?id=801245 Revision under section 263 requires the revisional authority to examine the assessment record independently and establish both error and prejudice to Revenue; an audit objection or Assessing Officer proposal, without conversion of limited scrutiny or demonstrated lack of enquiry, does not suffice. Interest awarded under section 28 of the Land Acquisition Act on excess compensation is characterised as accretion to land value rather than interest for delayed payment under section 34. It consequently forms part of enhanced compensation and, where compulsory acquisition concerns qualifying agricultural land, falls within the section 10(37) exemption rather than income from other sources. Conflicting judicial views also make the tax treatment debatable for revision purposes. en-us Wed, 09 Sep 2026 00:00:00 +0530 Sat, 17 Oct 2026 05:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801245 Revision under section 263 requires the revisional authority to examine the assessment record independently and establish both error and prejudice to Revenue; an audit objection or Assessing Officer proposal, without conversion of limited scrutiny or demonstrated lack of enquiry, does not suffice. Interest awarded under section 28 of the Land Acquisition Act on excess compensation is characterised as accretion to land value rather than interest for delayed payment under section 34. It consequently forms part of enhanced compensation and, where compulsory acquisition concerns qualifying agricultural land, falls within the section 10(37) exemption rather than income from other sources. Conflicting judicial views also make the tax treatment debatable for revision purposes. Case-Laws Income Tax Wed, 09 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801245