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ITAT Ahmedabad orders Fresh Assessment on FD Interest from Land Compensation
Case Law Details
- Case Name
- Ranjitsinh Narsinh Vaghela Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Ahmedabad
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Ranjitsinh Narsinh Vaghela Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that fresh assessment is necessary in case of taxability of interest earned from Fixed Deposit from compensation received for compulsory acquisition of agricultural land. Thus, matter restored for fresh assessment.
Facts- The AO received information from the Deputy Director of Income Tax (Investigation) [DDIT (Inv.)], Ahmedabad, that the assessee had received cash of Rs.4,32,36,000/- during the Financial Year (FY) 2011-12 relevant to AY 2012-13. This income had not been reported in any return of income. Bas...
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