Interest on Enhanced Compensation Not Taxable under section 56

Mansukhbhai Kanjibhai Sakariya Vs PCIT (ITAT Rajkot) Interest on Enhanced Compensation is Part of Compensation, Not Taxable u/s 56- ITAT Rajkot Quashes PCIT’s 263 Order Assessee, an individual, filed return declaring income of Rs. 10.26 lakh. He had received 25% share of enhanced compensation including interest u/s 28 of the Land Acquisition Act aggregating Rs. 2.69 crore on compulsory acquisition of ancestral agricultural land. AO completed reassessment u/s 147 r.w.s. 144B on 28.03.2022 accepting returned income, after examining submissions & relying on Gujarat High Court ruling in Mova...