2017 (6) TMI 1275

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (viii) to section 56(2) by the Finance No. (2) Act 2009 w.e.f 01.04.2010. This provision read with section 145A(b) makes it clear that interest received by assessee on compensation or an enhanced compensation shall be deemed to the income of the year in which it is received. CIT(A) has rightly set out and relied on in the case of Manjeet Singh (HUF) vs. UOI (2015 (12) TMI 1123 - PUNJAB & HARY .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 3. Briefly stated, the facts of the case are that the assessee received interest u/s 28 of the Land Acquisition Act which was claimed as exempt. Invoking the provisions of section 56(2)(vii), the Assessing Officer, after allowing deduction @ 50% of receipt towards expenses, added ₹ 23,46,181/- to the total income. The ld. CIT(A) approved the decision of the Assessing Officer. The assessee i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X