2023 (5) TMI 123

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....nds of appeal are as under:- "1.(i) That on facts and circumstances of the case, the Ld. CIT(A) was not justified in upholding addition to the extent of Rs. 3,08,08,041/- being aggregate of initial compensation of Rs. 1,73,24,927/- and enhanced compensation of Rs. 1,34,83,114/- received on acquisition of land by Government of India without appreciating the factual matrix of the case. (ii) That entire compensation being subject matter of dispute before judicial authorities, there was no case of any accrual of income in the year under consideration in terms of provisions of section 5 of the Income tax Act, 1961. (iii) That assessee has duly accounted for the entire compensation in AY 2017-18 on final settlement of issue of compensatio....

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.... the Act. (iv) That even if such interest on enhanced compensation is considered under the head "Profit and Gains of Business & Profession", the benefit of deduction as contemplated under the statue has to be allowed for the purpose of computation of income chargeable to tax. 4. That orders of lower authorities are not justified on facts and are bad in law. 5. That the appellant craves leaves to add, alter, amend, forgo any of the grounds of appeal at the time of hearing." 2. Ground No. 1 and 2 of the assessee's appeal are not pressed by the Ld. Counsel of the assessee. Hence the same are dismissed as not pressed. 3. The Ground No. 3 is regarding disallowance of Rs. 37,37,662/- being claim of deduction @ 50% under Section 57(iv)....

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.... to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to incometax under the head "Income from other sources", namely- (i) to (vii)... (viii) income by way of interest received on compensation or on enhanced compensation referred to in sub-section (1) of section 145B; Deductions. 57. The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely (i) to (Hi) (iv) in the case of income of the nature referred to in clause (viii) of subsection (2) of section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be allowed under any other clause of this section:" 5.1 From the above, ....