Section 80C Deduction & Agricultural Income Exemption Claims Restored to AO

Mukesh Kumar Vs ITO (ITAT Chandigarh)

The Chandigarh Bench of the Income Tax Appellate Tribunal Chandigarh dealt with an appeal for AY 2015–16 arising from a reassessment framed under sections 147 read with 144B. The assessee had originally declared a small income, but the case was reopened to tax interest received on enhanced compensation under the Land Acquisition Act. The Assessing Officer treated the interest as taxable under section 56(2)(viii), allowed the statutory 50% deduction, denied deduction under section 80C for lack of evidence, and treated the comp

Please become a Premium member. If you are already a Premium member, login here to access the full content.