2020 (3) TMI 1327

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....JM This appeal is filed by the assessee against the order dated 26/5/2017 passed by CIT(A) Hisar, for Assessment Year 2014-15. 2. The grounds of appeal are as under:- "1. It has been held by Hon'ble Supreme Court in case of CIT v/s Ghanshyyam Dass HUF that interest awarded u/s 28 of the Land Acquisition Act is a capital receipt. Hon'ble Apex Court in the case of CIT Vs Ghanshyam HUF(2009) 315 ....

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.... Income Tax Act. In view of the facts state above, the interest received on compensation to the asses see is nothing but a capital receipt. In view of above the reopening of the assessment u/s 147 is against law. Hence, the assessment proceedings initiating ultra vires and be quashed. 3. No order has been passed on objection raised for reopening of assessment u/s 147, hence, the assessment proce....

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....d that the amounts received by the assessee during the financial years in question have to be regarded as capital receipts and, therefore, are not income within meaning of sec 2(24) of the Income Tax Act. The addition made be deleted. 6. The appeal may be modified at the time of hearing." 3. The return declaring in income of Rs. 6,716/- and agricultural income of Rs. 87,500/- was filed on 24/0....

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....upra) held that interest awarded u/s 28 of the Land Acquisition Act is capital receipt and is nothing but an accretion to the value of compensation. Thus, it is part and parcel of the compensation, hence is not taxable. The Ld. AR further submitted that no order has been passed on objection raised for re-opening of assessment u/s 147 of the Act. The Ld. AR also relied upon the decision in case of ....