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Interest on Enhanced Land Acquisition Compensation Taxable u/s 56(2)(viii)
Case Law Details
- Case Name
- Bir Singh Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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...
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