Case Law Details
Case Name : Manjeet Singh Vs ITO (ITAT Dehradun)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Dehradun
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Manjeet Singh Vs ITO (ITAT Dehradun)
ITAT Dehradun held that the interest is accretion to the value of compensation and hence it is a part of compensation. Accordingly, interest received for compulsory acquisition of agricultural land is exempted under section 10(37) of the Income Tax Act.
Facts- The assessee filed the return of income declaring total income of Rs.3,26,91,026/- received from LAO as interest being claimed as exempt u/s. 10(37) of the Income Tax Act, 1961. The assessee was owner of agricultural land and the same was taken under compulsory acquisition by the Government of Haryana...
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is interest on compensation for acquisition of agriculture land by government taxable or not…?