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of <h1>Interest on Compensation Taxed as Income When Received u/s 145A(b), ICDS-IV Not Applicable.</h1> Interest received by an assessee on compensation or enhanced compensation is deemed income in the year it is received, according to Section 145A(b) of the Income Tax Act. This interest is taxed under 'Income from other sources' regardless of the accounting method used by the assessee. Consequently, ICDS-IV, which deals with revenue recognition, does not apply to such interest. In cases of conflict between ICDS and the Act, the provisions of the Act take precedence.
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