2014 (2) TMI 961

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....S Chopra ORDER The present appeal has been filed by the Department under Section 27A of the Wealth Tax Act, against the judgment and order dated 18.12.1998, passed by the Income Tax Appellate Tribunal, New Delhi in W.T.A. No. 321 & 374(Del)/1993, for the assessment year 1984-85 and 1985-86 respectively. On 31.08.2006 and 16.08.2001, a Coordinate Bench of this Court has admitted the appeal....

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....e assessee has received first installment of compensation only on 07.05.1984. The same was brought to the Wealth Tax. However, the assessee was not satisfied, so a case was filed before the District Judge for the enhancement of the compensation. Vide order dated 06.03.1990, passed by the District Judge, the assessee became entitled for the enhancement of the compensation. The Tribunal has observed....

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....n cases where pending appeal, the court/tribunal/authority before which the appeal is pending, permits the claimant to withdraw against security or otherwise the enhanced compensation (which is in dispute), the same is liable to be taxed under Section 45(5) of the Act in the year of receipt. Even before the insertion of Section 45(5)(c) and Section 155(16) with effect from April 1, 2004, the recei....

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.... made by the person whose land is acquired, whereas interest under Section 34 is for delay in making payment; it postulates award of interest at 9 per cent. Per annum from the date of taking possession only until it is paid or deposited. Interest under Section 28 would include within its ambit both the market valuation and the solatium and is part of the amount of compensation whereas interest und....