2019 (1) TMI 1712

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....on by the Hon'ble Supreme Court in the case of Ghanshyam (HUF) (315-ITR-01- SC), therefore, exempt u/s. 10(37) of the Income Tax Act, 1961 with effect from 01.04.2005. 2. That in the present case the Ld. CIT(A) has wrongly applied the provisions of sections 145A(b), 56(2)(viii) and 57(iv) of the Income Tax Act, 1961." 2. The brief facts of the case are that the assessee filed return of income on 30.03.2011 declaring income of Rs. 2,68,460/-. The case was selected for scrutiny and statutory notices were issued to the assessee. The assessee derived income from transportation of goods, rental income and income from interest. In the assessment proceedings, on questionnaire dated 09.07.2012 at Sl. No. 22, the assessee was specificall....

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....ced that by virtue of section 57(iv) read with section 56(2)(viii), both inserted by Finance Act No. 2 (Act) 2009 w.e.f. 01.04.2010, 50% of the above interest which comes to Rs. 7,19,220/- is taxable in the year of receipt and assessable in the assessment year 2010-11. Accordingly, the Assessing Officer issued show cause notice to the assessee. The assessee furnished reply on 03.09.2012 and relied on several judgments as incorporated in the assessment order. The amount paid to the assessee was under different sections of Land Acquisition Act, 1894 as under : U/s. 23(1) Rs. 4,59,027/- U/s. 23(2) Rs. 1,37,708/- U/s. 23(1A) Rs. 1,63,891/- U/s. 34 Rs. 68,456/- U/s. 34 Rs. 12,07,494/- TOTAL: Rs. 20,36,576 T....

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....n her favour by the decision of co-ordinate Bench of ITAT, Chandigarh wherein the ITAT after following the decision of Hon'ble Supreme Court in the case of Ghanshyam HUF (supra) and other decisions, has held as under :- "9. The Ld. counsels for assessee has further brought our attention the latest decision of the Hon'ble Supreme Court in the case of CIT Vs. Chet Ram (HUF) dated 12.9.2017 in Civil Appeal No. 13053/2017 wherein also the Hon'ble Supreme Court has again reiterated the proposition laid down in the case of Ghanshyam (HUF) (supra), which we find has been further reiterated in the case of Union of India vs. Hari Singh & others in Civil Appeal No. 1504 of 2017 dated 15.9.2017, as under: "(2) While determini....