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2020 (2) TMI 716 - AT - Income TaxInterest received u/s 28 of the Land Acquisition Act - Income from other sources - HELD THAT - We find that the CIT(A) has elaborately discussed the issue of interest received u/s 28 of the Land Acquisition Act to be brought to tax in terms of section 56(2)(viii) of the Income-tax Act, 1961, in paras 8 to 12. The CIT(A) relying on the judgment of Hon ble Supreme Court in the case of Bikram Singh Vs. Land Acquisition Collector 1996 (9) TMI 6 - SUPREME COURT has upheld the order of AO. Considering the settled nature of the issue, we are of the opinion that the CIT(A) has rightly dismissed the appeal of assessee and does not call for interference from our side. Accordingly, the grounds raised by assessee are dismissed.
Issues:
Appeal against CIT(A)'s order for Assessment Year 2010-11. Analysis: The appeal was filed by the assessee against the order of CIT(A)-2, Aurangabad, for the Assessment Year 2010-11. The assessee, an agriculturist by profession, initially declared Nil income and claimed a TDS refund of ?17,58,097. The case was reopened by the Assessing Officer (AO) under section 148 of the Income-tax Act, 1961, as the assessee did not file a return. The AO completed the assessment by adding ?77,86,805. The CIT(A) upheld the AO's order, leading to the assessee's appeal before the Tribunal, despite a small delay of 12 days, which was condoned after reviewing the Affidavit. The Tribunal considered the issue of interest received under section 28 of the Land Acquisition Act to be taxed under section 56(2)(viii) of the Income-tax Act, 1961. The CIT(A), relying on the Supreme Court's judgment in Bikram Singh Vs. Land Acquisition Collector, upheld the AO's decision. The Tribunal, noting the settled nature of the issue, agreed with the CIT(A) and dismissed the appeal, concluding that there was no need for interference. Consequently, the grounds raised by the assessee were dismissed, and the appeal was rejected. In conclusion, the Tribunal affirmed the CIT(A)'s decision to uphold the AO's addition of income based on interest received under the Land Acquisition Act. The Tribunal found no reason to interfere with the lower authorities' rulings and dismissed the appeal filed by the assessee. The judgment was pronounced on February 13, 2020.
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