Enhanced Land Compensation & Interest Taxable u/s 56(2)(viii) with 50% Section 57 Deduction

Amardeep Chaudhary Vs ITO (ITAT Chandigarh) The appeal before Income Tax Appellate Tribunal, Chandigarh challenged the order dated 29.11.2024 passed by the Addl./JCIT(A)-2, Delhi. The assessee raised multiple grounds, primarily contesting the tax treatment of ₹1,66,05,363 received as enhanced compensation along with interest under the Land Acquisition Act, which had been assessed as “income from other sources.” The assessee also challenged the validity of the intimation issued under section 143(1) by the CPC, Bengaluru, and, in the alternative, sought a 50% deduction under section 57 of ...