Case Law Details
ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore)
We have considered the submissions of the ld. DR. It is not disputed by the AO that the land acquired was agricultural land and the conditions laid down u/s. 10(37)(i) to (iv) are applicable to the land which is in question which was compulsorily acquired. It is also not in dispute that the interest in question was interest awarded u/s. 28 of the Land Acquisition Act, 1894.
ITAT held that Where assessee was awarded interest under section 28 of Land Acquisition Act, 1894, on enhanced compensation paid for compulsory acquisition of agricultural land, the same was eligible for exemption under section 10(37) because the interest received was a part of the enhanced value of the land.
FULL TEXT OF THE ITAT JUDGMENT
These are appeals filed by the revenue against two different orders, both dated 16.06.2017 of the CIT(Appeals), Belagavi relating to assessment year 2013-1 4.
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Please confirm which ITR 2019 form would be used for disclosing interest on enhanced compensation. Also, under which section in income from other source, we need to show the about interest and 50% rebate on such interest. Please confirm.