ITAT Ahmedabad orders Fresh Assessment on FD Interest from Land Compensation

Ranjitsinh Narsinh Vaghela Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that fresh assessment is necessary in case of taxability of interest earned from Fixed Deposit from compensation received for compulsory acquisition of agricultural land. Thus, matter restored for fresh assessment. Facts- The AO received information from the Deputy Director of Income Tax (Investigation) [DDIT (Inv.)], Ahmedabad, that the assessee had received cash of Rs.4,32,36,000/- during the Financial Year (FY) 2011-12 relevant to AY 2012-13. This income had not been reported in any return of income. Based on this credib...