ITAT Chandigarh Quashes Sec 263; Interest on Enhanced Compensation Debatable; AO Took Possible View

Baljinder Singh Vs PCIT (ITAT Chandigarh) ITAT Chandigarh Quashes Sec 263 Revision – Interest on Enhanced Compensation Held Debatable Issue; AO Adopted One Possible View In a batch of appeals led by Baljinder Singh & Others (various AYs including 2018-19), the ITAT Chandigarh allowed the assessees’ appeals and set aside revisionary orders passed u/s 263 relating to taxability of interest on enhanced compensation from compulsory acquisition of agricultural land. The PCIT had invoked sec 263 alleging that the AO wrongly treated interest on enhanced compensation as exempt instead of taxin...