Interest under section 28 of Land Acquisition Act cannot be taxed despite TDS deduction

Umang Sitani Vs ITO (ITAT Delhi) During the year, the assessee has received Rs.2.58 Cr. on account of compulsory acquisition of his land comprising an amount of Rs.79.17 lacs on account of compensation and Rs.178.92 lacs on account of interest on land compensation, the fact of which is not in dispute. The AO treated the interest u/s 56(2)(viii) r.w.s. 145A(b) and allowed deduction u/s 57(iv). CIT(A) grossly ignored the judgment of Hon’ble Supreme Court in the case of CIT Vs. Ghanshyam (HUF) and difference between interest received u/s 28 of Land Acquisition Act, 1894 and Section 34 and inter...