Interest on compulsory acquisition of land u/s 28 of Land Acquisition Act is exempt

ITO Vs Chawli Devi (ITAT Chandigarh)

Interest received by assessee on compulsary acquisition of of its land u/s 28 of Land Acquisition Act is in the nature of compensation and not interest which is taxable under the head of income from other sources u/s 56.

FULL TEXT OF THE JUDGMENT/ORDER OF CHHATTISGARH HIGH COURT

These two appeals by the Department are directed against the separate orders dated 30/10/2019 and 31/10/2019 of Ld. CIT(A), Panchkula.

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