2010 (12) TMI 361

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt.   AJAY KUMAR MITTAL, J.   1. This order shall dispose of ITA Nos. 47 and 50 of 2007 as common questions of law are involved therein.   2. ITA No. 47 of 2007 has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 7.9.2005 passed by the Income Tax Appellate Tribunal, Delhi Bench "D", New Delhi (hereina....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....have heard learned counsel for the revenue.   5. The point that arises in this appeal is whether the amount of enhanced compensation which was released against security and the interest received thereon would be taxable in the year of receipt.   6. The similar issue came up for consideration before this Court in ITA No. 209 of 2004 (The Commissioner of Income Tax, Faridabad v. Bir ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on 56 as 'income from other sources' in the year of receipt."   7. Further, the Apex Court in Commissioner of Income-tax v. Ghanshyam (HUF), [2009] 315 ITR 1 (SC) had held that the amount of enhanced compensation received by the assessee would be taxable in the year of receipt in view of insertion of Section 45(5)(b) of the Act irrespective of the pendency of any litigation at the behest o....