Interest on Enhanced Land Acquisition Compensation Not Taxable: ITAT Chandigarh

Paras & Shubham Chaudhary Vs ITO (ITAT Chandigarh) Agricultural Land Acquisition – Interest u/s 28 Enjoys Same Exemption as Compensation- Interest on Enhanced Compensation Not Taxable as Income: ITAT Deletes ₹1.64 Cr Addition The dispute arose on whether interest of ₹1,64,03,967/- received by the legal heirs of Shri Kanhaiya Lal u/s 28 of the Land Acquisition Act, 1894 on compulsory acquisition of land was taxable in AY 2007-08. The Haryana Government had acquired 18.98 acres of agricultural land at village Devinagar by issuing notification u/s 4 on 23.08.2001. The Land Acquisition C...