Case Law Details
Case Name : ACIT Vs SV Global Mill Ltd. (ITAT Chennai)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Chennai
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ACIT Vs SV Global Mill Ltd. (ITAT Chennai)
We find that the Tribunal in the context of Section 10(37) of IT Act, held that interest received for delayed payment of enhanced compensation in respect of acquisition of immovable property is in the nature of interest liable to be taxed u/s.56(2)(viii) r.w.s. 145A(b) of IT Act. We further note that under the provisions of Section 10(37) of IT Act, compensation received by an individual or HUF for compulsory acquisition of agricultural land was exempt from tax and there was no sepa
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