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ITAT kept Decision on taxability of interest on compensation under Motor Vehicle Act pending till SC Verdict
Case Law Details
- Case Name
- Smt. Sharda Pareek Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All High Courts, ITAT Jaipur
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Smt. Sharda Pareek Vs ITO (ITAT Jaipur)
Conclusion: AO was directed to wait in respect of tax ability of interest income received from the insurance company on MACT claim till the Supreme Court pronounce a judgement in Sharda Pareek v. Assistant Commissioner of Income Tax & another as the same issue was pending before the Court.
Held:
AO who completed the assessment u/s 143(3) wherein the interest income received from the insurance company on MACT claim amounting to Rs. 13,80,216/- was brought to tax. Assessee claimed that the payment of interest received by assessee co...
