2000 (9) TMI 23

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.... Commissioner of Income-tax, Patna, and mother against the order of the Appellate Tribunal in I. T. A. No. 78 (Patna) of 1996, whereby, the order of the Commissioner of Income-tax (Appeals) was reversed. In short the facts of the case are that the assessee's father, the late Shashi Bhushan Singh, had taken a land on lease from the Patna Regional Development Authority (in short "PRDA") at Mourya....

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....h, received the amount of Rs. 60,37,662.80, is interest. The only dispute raised for consideration was whether the aforesaid amount of interest, which the assessee had received, should be treated as income from other sources or it shall be the capital gain. As per the views expressed by the Assessing Officer, such a receipt of the assessee shall be considered as capital gain whereas according t....

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.... doubt the assessee got back the bid money along with the interest on the basis of the order of the High Court, but the aforesaid amount was never paid either in lieu of or for extinguishment of the right, title and interest of the leased land. Therefore, the Assessing Officer was not justified and correct to consider the amount of interest as capital gain. In our view, there is no substance in....