Interest on enhanced compensation on compulsory acquisition by government eligible for exemption u/s 10(37)

ITO Vs Shri Vinayak Hari Palled (ITAT Bangalore) Conclusion: Assessee was eligible for exemption under section 10(37) on interest received by him on enhanced compensation as the same partook the character of compensation paid by government on compulsory acquisition of assessee’s agricultural land. Held: Assessees claimed that interest received by him on enhanced compensation was nothing but compensation and therefore even for the interest portion received, was eligible for exemption u/s. 10(37). AO held that section 56(2)(viii) was unambiguous and include interest of any nature and kind with...