9911796707
TMI Blog2025 (4) TMI 853X X X X Extracts X X X X X X X X Extracts X X X X ..... essment Year is 2018-19. 2. We find that this appeal is filed with a delay of 17 days. The assessee filed a petition for condonation of delay explaining reasons for the said delay and prayed for condonation of that delay. On perusal of the condonation petition and upon hearing the ld. AR and ld. DR, we find that the reasons explained by the assessee are bonafide and therefore, the delay is condoned and admitted the appeal for adjudication. 3. The only effective ground raised in the appeal is whether the ld. CIT(A) is justified in confirming the addition of Rs..97,44,420/- being 50% of the receipt of interest on enhanced compensation made by the Assessing Officer. 4. Brief facts of the case are that the assessee filed her return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 145A(b) of the Act. So far as addition made towards unsecured loan is concerned, the ld. CIT(A) gave relief to the assessee, on that the Revenue has not preferred any appeal before the ITAT. 6. On being aggrieved against confirmation of the addition made by the Assessing Officer, the assessee preferred an appeal before the ITAT and raised the following grounds: 1. The order of the CIT(A) is contrary to law on the facts and in the circumstances of the case. 2. The CIT(A) has erred in confirming the addition of Rs.97,44,420/- being 50% of Rs.1,94,88,840/- received as interest on enhanced compensation made by the Assessing Officer. 3. It is submitted that the decision of the CIT(A) on the above point is erroneous on point of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this Tribunal in the case of ACIT v. M/s. SV Global Mill Ltd. in ITA No. 2684/Chny/2019 dated 28.01.2021, wherein, it was held that interest received by the assessee towards delayed payment of compensation for compulsory acquisition of land is akin to compensation for compulsory acquisition of land, which is exempt from Income Tax by virtue of section 96 of RFCTARR Act, 2013. Therefore, he pleaded to set aside the orders of authorities below and allow the ground raised by the assessee. 8. On the other hand, the ld. DR has submitted that according to section 145A(b) and section 56(2)(viii) of the Act any interest received on compensation or on enhanced compensation shall be taxable under the heard "income from other sources" in the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, as per section 3(i) of RFCTARR Act provides cost of acquisition includes amount of compensation which includes solatium any enhanced compensation ordered by the Land resettlement Authority or the Court and interest payable thereon and any other amount determined as payable to the affected families by such Authority or Court. Therefore, the interest awarded by the authority on the enhanced compensation on compulsory acquisition of land is part of the compensation and hence, not taxable under the Income Tax Act by virtue of provisions containing under section 10(37) of the Act. 10. Apart from the above discussions, the assessee also relied on the decision of the Coordinate Bench this Tribunal in the case of ACIT v. M/s. SV Global M ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
