Interest on enhanced compensation is contingent hence not taxable: ITAT Pune

Anant Changu Mokal Vs National Faceless Assessment Centre (ITAT Pune) ITAT Pune held that interest income on enhanced compensation is contingent and hence not taxable under section 56(2)(viii) of the Income Tax Act. Accordingly, appeal of assessee allowed and order set aside. Facts- During the year, assessee received enhanced compensation of Rs.1,56,01,648/- and interest on delayed compensation at Rs.2,73,73,947/-, on account of compulsory acquisition of land from Special Land Acquisition Officer. AO held that enhanced compensation is exempt u/s. 10(37) of the Act, accepting assessee’s claim...