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2023 (4) TMI 1323 - ITAT PUNEIncome from Other Sources u/s 56(2) - interest received u/Sec. 28 of the Land Acquisition Act, 1894 - assessee’s case before us is that such an interest income is part of the land acquisition compensation itself and not taxable - HELD THAT:- It transpires that the instant issue of taxability of the assessee’s interest income received under section 28 of the Act is covered in assessee’s favour as per the hon’ble high court’s Bombay bench Shri Rupesh Rashmikant Shah Versus Union of India & Ors. [2019 (8) TMI 518 - BOMBAY HIGH COURT] holding that the same is not taxable under section 56(2)(viii) of the Act as against the Revenue’s contentions that the Aurangabad bench of the very hon’ble jurisdictional high court has taken a divergent view against the taxpayer in Shivajirao and Others Vs. State [2013 (8) TMI 1160 - BOMBAY HIGH COURT] Faced with the situation, we are of the opinion that it is the Bombay and not Aurangabad bench of the hon’ble jurisdictional high court whose decision would prevail in the given facts and circumstances as the assessee, his land/capital asset forming subject matter of compulsory acquisition as well as “situs” of the Assessing Officer who has framed assessment before us are covered within its territorial jurisdiction notified from time to time. We thus quote PCIT Vs. ABC Paper Limited [2022 (8) TMI 863 - SUPREME COURT] and decide the instant sole substantive ground as well as the main appeal is assessee’s favour.
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