Interest on Enhanced Land Acquisition Compensation Taxable u/s 56(2)(viii)

Bir Singh Vs ITO (ITAT Delhi) Interest on Enhanced Land Acquisition Compensation Taxable u/s 56(2)(viii): Delhi ITAT Rejects Section 10(37) Exemption Delhi ITAT dismissed the Assessee’s appeal and held that interest of ₹33,03,628 received u/s 28 of the Land Acquisition Act, 1894 on enhanced compensation is taxable as “Income from Other Sources”, and does not qualify for exemption u/s 10(37). The Tribunal noted that the Assessee had received interest on enhanced compensation for compulsory acquisition of agricultural land and claimed exemption by treating such interest as part of compen...