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Supreme Court Rules Interest Under Land Acquisition Act Non-Taxable; Tax Department Can't Invoke Section 263 for Tax Demand.

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....Rectification of mistake u/s 154 - the income tax proceeding are not adversarial it is not material as to who committed the mistake, the fact that a mistake has been committed and the same has to be rectified. - Thus as the interest awarded under Land Acquisition Act is not taxable as held by the Hon'ble Supreme Court, the department cannot demand to pay the tax on the same by way of invoking section 263 - AT....

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Supreme Court Rules Interest Under Land Acquisition Act Non-Taxable; Tax Department Can't Invoke Section 263 for Tax Demand.