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ITAT Rajkot: Interest on Enhanced Compensation Forms Part of Land Value; ₹94.81 Lakh Addition Deleted
Case Law Details
- Case Name
- Babubhai Kanjibhai Sakariya Vs ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Rajkot
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Babubhai Kanjibhai Sakariya Vs ITO (ITAT Rajkot)
Interest on Enhanced Compensation Is Part of Land Value, Not Income – ITAT Rajkot Deletes ₹94.81 Lakh Addition on Rural Land Acquisition
Rajkot ITAT allowed Assessee’s appeal & held that interest awarded under section 28 of the Land Acquisition Act, 1894 forms part of enhanced compensation & is not taxable as income from other sources under section 56(2)(viii).
Assessee had received ₹1.89 crore as interest on enhanced compensation for compulsory acquisition of rural agricultural land, jointly owned by...
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