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Interest on Enhanced Compensation u/s 28 of Land Acquisition Act, 1894 is Exempt u/s 10(37)
Case Law Details
- Case Name
- ITO Vs Sh. Dhanender Kumar HUF (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Chandigarh
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ITO Vs Sh. Dhanender Kumar HUF (ITAT Chandigarh)
The issue under consideration is whether interest received u/s. 28 of the Land Acquisition Act, 1894 on compulsory acquisition of agricultural land in the nature of compensation is exempt u/s. 10(37) or chargeable to tax under head ‘Income from Other Sources’?
ITAT states that, it is true that “interest” is not compensation. It equally is true that Section 45(5) of the 1961 Act refers to compensation. The provisions of the 1894 Act which awards “interest” both as an accretion in the value of the lands acquired...
