Interest on Enhanced Compensation Taxable under Section 56(2)(viii) post 2009 amendments

Karnail Singh Vs ITO (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the assessee’s appeal for Assessment Year 2018-19 and upheld the addition of ₹80,15,899/- made by the Assessing Officer on account of interest received on enhanced compensation. The Tribunal held that such interest was taxable under the provisions of the Income Tax Act as amended by the Finance Act, 2009. The assessee, an individual, had filed his return of income on 25.07.2018 declaring a total income of ₹78,64,420/-. The assessee stated that he was an agriculturist whos...