ITAT kept Decision on taxability of interest on compensation under Motor Vehicle Act pending till SC Verdict

Smt. Sharda Pareek Vs ITO (ITAT Jaipur) Conclusion: AO was directed to wait  in respect of tax ability of interest income received from the insurance company on MACT claim till the Supreme Court pronounce a judgement in Sharda Pareek v. Assistant Commissioner of Income Tax & another as the same issue was pending before the Court. Held: AO who completed the assessment u/s 143(3) wherein the interest income received from the insurance company on MACT claim amounting to Rs. 13,80,216/- was brought to tax. Assessee claimed that the payment of interest received by assessee could not be taxed ...