Section 263 Revision Upheld for Failure to Tax Interest on Enhanced Compensation

Jagpal Vs PCIT (ITAT Delhi) Revision u/s 263 – Taxability of Interest on Enhanced Compensation u/s 28 of the Land Acquisition Act, 1894 The appeal concerned the validity of revisionary proceedings initiated under Section 263 of the Income-tax Act for AY 2018–19 in relation to the taxability of interest received on enhanced compensation under Section 28 of the Land Acquisition Act, 1894. The assessee had received interest of ₹82,88,672 on enhanced compensation for compulsory acquisition of agricultural land and claimed it as exempt under Section 10(37). The Assessing Officer accepted the ...