2020 (4) TMI 918

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....DER PER DR. B.R.R. KUMAR, ACCOUNTANT MEMBER: The present appeal has been filed by the assessee against the order of ld. CIT (A)-1, Gurgaon dated 27.09.2016. 2. Following grounds have been raised by the assessee: "1. That on the facts and circumstances of the case as well as in Law, the Learned CIT (A) has erred in confirming the action of Learned Assessing Officer in the assessme....

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....ion amounting to Rs. 1,84,09,546/-. The A.O held that interest on enhanced compensation is taxable u/s 56(2)(viii) and after allowing a deduction of sum equal to 50% of interest received, as per the provisions of Section 57(1)(v) remaining amount of Rs. 94,11,070/- was added to the total income of the assessee. 4. Background of this case is that the agricultural land of the assessee w....

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....liable to Section 34 which is only the interest received for delay in making the payment after the compensation amount is determined. Thus, the interest u/s 28 is a part of the value of the land. 6. The ld. CIT (A) held that the interest received u/s 28 of the Land Acquisition Act, 1894 is not exempt under the Act as it could not partake the character of compensation for acquisition of agricult....

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.... that interest paid on the excess amount u/s 28 of Land Acquisition Act, 1894 depends upon a claim by the person whose land is acquired whereas interest u/s 34 is for delay in making payment. Interest u/s 28 is a part of the enhanced value. The Hon'ble Supreme Court has categorically held that interest u/s 34 is only for delay in making payment after the compensation amount is determined. 9. In....